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Profit booking seeks in..

This article was posted on Jun 22, 2010 and is filed under Market News

Markets today ended in red, nifty closed 36 points down at 5316 and Sensex lost 126 points, making a close at 17749. The Metals, IT and the Telecom stocks witnessed profit booking. Even the Mid-Cap and the Small-Cap stocks saw some offloading.

Selling was not only seen in India but also across the globe as euphoria over China’s proposed currency reform faded. World stocks fell for the first time in two weeks on Tuesday as investors took some profits on a cooler assessment of China’s weekend decision to give its currency more flexibility.

Among the BSE sectoral indices, BSE Metal index was the top loser, down 2% followed by BSE IT index, it was down 1.2% and BSE Teck index down 1%. The BSE Mid-Cap index and the BSE Small-Cap index ended almost unchanged.

Outside the frontline indices, the big losers in the broader market were India Cement, Jai Corp, MMTC and Aditya Birla Nuvo. On the other hand, gainers included Biocon, MRPL, GLenmark and Bosch.

Speaking Technically, Nifty faces strong support at 5250 and resistance at 5380. Markets are likely see some consolidation around 5250-5300 levels for some time.

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