More pain ahead for Nifty

Nifty today manged to recover at the close, making a close at 4,941 down 63 points. Sensex closed at 16,632 down 222 points.

The markets rebounded strongly towards close, due to the recovery in Europe Markets. Nifty to made a low of 4806 and a high of 5005. It saw a range of 200 points during the day. Markets were dragged down by Asian stocks, which tumbled of the fear that financial trouble in the Middle Eastern city-state of Dubai will block down global economic recovery.

Dubai jitters had weighed on investor sentiment in early trades. Asia and Europe tumbled after Dubai’s government-owned investment company Dubai World asked for a restructuring of its debt amounting to $59 billion (£35bn). The company was hit hard by the global credit crunch and recession.

FII’s remained net sellers worth 1012 cr’s. This was the maximum net selling seen by FII’s in the month of Nov ‘09. DII’s on the other hand were net buyers worth 696 cr’s.

The BSE Midcap Index was down 1.35 per cent and BSE Smallcap Index declined 2.14 per cent.

Suzlon Energy (7.32%), Ranbaxy Laboratories (2.87%), Unitech (2.59%), BPCL (2.22%) and GAIL (1.17%) were amongst the top Nifty gainers.

Bharti Airtel was the leading Sensex gainer, adding 0.9% at Rs 283. Hero Honda put on 0.5% at Rs 1,745 and Reliance Infrastructure strengthened 0.4% at Rs 1,039.

Markets might see some more downside considering Global news and FII’s outflow. Strong support remains for Nifty at 4850 levels.

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