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Nifty ends below 200 DMA

This article was posted on Jun 1, 2010 and is filed under Market News

Nifty today braked its 200 DMA of 5003 and ended at 4970, falling 116 points, Sensex slipped 372 points at 16,572.

The Sensex was in the red for the whole day. However, a freak trade, possibly in Reliance, saw the Sensex plunging over 600 points to a low of 16,318, trading error in index bellwether Reliance Industries spooked the sentiment in afternoon trade.

Reliance Industries were seen hitting an intra-day low of Rs 840 on the BSE, where nearly 0.5mn shares were offloaded in a freak trade. Finally, the BSE 30-share Sensex slipped 372 points at 16,572 and NSE Nifty fell 116 points at 4,970.

Metal stocks were the major draggers. Sterlite tumbled 5% to Rs 629. Hindalco and Tata Steel dropped 4% each to Rs 143 and Rs 480, respectively. Jindal Steel slipped 3% to Rs 632.

European indices were trading in the red as well, the DAX in Germany was down 1.7%, the CAC 40 index in France was down 2.5% and the FTSE in the UK was down 2.2%.

All the BSE sectoral indices ended in the negative terrain, BSE Metal index was the top loser, the index was down 4%, followed by BSE Realty index was down 3% and BSE Oil & Gas index was down 2.5%. Even the BSE Mid-Cap index ended loser by 1.3% and the Small-Cap index edged lower by 1%.

Support for Nifty is now at 4850 and Resistance is at higher levels of 5120

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