Biggest weekly fall of the year
Markets saw its biggest weekly fall of 2011, down by 6.2% (as on 12:30pm). Nifty fell by more than 200 Points today, trading at 5120, breaking major support in Intraday. Nifty also touched its 52-week low today. Heavyweights Reliance Industries, ITC, ICICI Bank, Bharti Airtel and SBI were the major sell-offs.
I.T stocks saw huge selling, TCS and Infosys lost more than 5.5% on fears of US recession. Wipro lost nearly 4%.
Overnight, Wall Street indices were battered very badly on worries of US economic health. Dow Jones Industrial Average lost 4.3%, the biggest percentage drop since 2008. Even the Standard & Poor’s 500 Index declined 4.8% and the Nasdaq Composite Index shed 5.1%. Asian markets also tumbled with the Hang Seng down 5%, with Nikkei, Straits Times and Seoul Composite following close behind.
Technically next support for Nifty is at 5080, if broken, we could see some more downside in the coming few days
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