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Nifty struggles below 4500; Cipla, M&M, Tata Steel down

This article was posted on Jun 17, 2009 and is filed under Market News

MUMBAI: Indian markets were moving in narrow range with negative bias Wednesday following weakness in the global markets. IT, capital goods and metals were down on profit booking while realty and oil & gas bucked trend.

“US markets closed in the red and Asian markets are mixed. Asian commodity stocks declined, overshadowing gains in the region by Japanese real estate companies and automakers. Our market has seen a correction from higher levels, which we believe is extremely healthy. We expect a rally once again after this consolidation phase and have a target of 5,200 for the Nifty. The market is likely to open down with strong buying from those levels,” said Religare Securities report.

At 11:10 am, National Stock Exchange’s Nifty was at 4484.50, down 33.30 points or 0.74 per cent. The index touched an intra-day low of 4466.10 and high of 4515.40.

Bombay Stock Exchange’s Sensex was at 14831.14, down 126.77 points or 0.85 per cent. The broader index hit a high of 14978.50 and low of 14782.67.

“Trend deciding level for the day is 4487 / 14867. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 4569 – 4619 / 15113 – 15268. However, if Nifty trades below 4487 / 14867 for the first half-an-hour of trade then it may correct up to 4437 – 4355 / 14713 – 14467,” said Angel Broking note.

BSE Midcap Index was up 0.20 per cent and BSE Smallcap Index gained 0.59 per cent.

Amongst the sectoral indices, BSE IT Index was down 2.02 per cent, BSE Metal Index slipped 2 per cent and BSE Capital Goods Index moved 1.66 per cent lower. BSE Realty Index was up 0.80 per cent and BSE Oil&gas Index inched 0.16 per cent higher.

Cipla (-3.07%), M&M (-3.06%), Tata Steel (-2.88%), Wipro (-2.65%), Cairn (-2.64%) were amongst the major Nifty losers.

Reliance Infrastructure (3.81%), DLF (1.40%), Unitech (1.24%), Idea (1.21%) and Tata Power (1.20%) were the top index losers.

Market breadth was positive on the BSE with 1260 advances and 941 declines.

US stocks took a beating for a second consecutive day Tuesday as mixed economic data and Best Buy’s disappointing sales spurred worries about slow recovery. The Dow Jones Industrial Average dropped 107.46 points, or 1.25 per cent, to end at 8,504.67, the Standard & Poor’s 500 Index fell 11.75 points, or 1.27 per cent, to finish at 911.97 and the Nasdaq Composite Index lost 20.20 points, or 1.11 per cent, to close at 1,796.18.

Meanwhile, Asian markets remained weak Wednesday dragged down by metal counters after commodity prices extended losses. Hong Kong’s Hang Seng fell 1.32 per cent, Singapore’s Straits Times shed 0.95 per cent, South Korea’s Kospi was down 0.37 per cent while Japan’s Nikkei edged 0.94 per cent higher.

source: Economictimes

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