Indian markets fell for the second consecutive day and the most in two weeks as government widened its probe into the issuing of mobile-phone licenses. The markets tried to pullback in late trade but the fall was too steep to get any noticeable upmove. There were no positive triggers seen that could provide some sense of relief to the downturn. Investors too remained cautious in the wake of a spate of scams and other bad news involving alleged stock manipulation.
The BSE 30-share Sensex was down 238.16 points or 1.19% to 19,696.48. The Sensex slumped 323.29 points at the day's low of 19,611.35 in late trade. The Sensex fell 59.13 points at the day's high of 19,875.51 in early trade.
The S&P CNX Nifty lost 72.85 points or 1.22% to 5,903.70. Small-cap and mid-cap shares extended recent steep losses.
The market breadth, indicating the overall health of the market, was weak. On BSE, 2378 shares fell while 585 shares rose and 80 shares remained unchanged. Among the 30-member Sensex pack, 28 fell and two rose.
ACC rose 1.63% and was the top gainer from the Sensex pack.
NOW WATCH 5880-5885 LEVEL VERY VERY CAREFULLY. IF BREAKS WITH VOLUME, WE WILL SEE 5800 LEVEL.
::DAILY VIEWS FROM DIFFERENT BROKING HOUSES::
Avinash Gupta, Bonanza Portfolio: "Nifty might witness further selling pressure largely dependent on global cues. The market has a support at 5,850 levels".
::DAILY VIEWS FROM DIFFERENT BROKING HOUSES::
Avinash Gupta, Bonanza Portfolio: "Nifty might witness further selling pressure largely dependent on global cues. The market has a support at 5,850 levels".
Mileen Vasudev, Angel Broking: "Markets opened down with a gap and momentum on the downside gradually picked up in the later half of the session which dragged down the indices to close near the days low. On the daily charts we are witnessing that the up move which started from 18,954 to 20,217 / 5,690 to 6,069 levels has been retraced by 50%.Hence in the coming trading session, a bounce from current levels up to 19,843 - 19,986 / 5,952- 5,997 levels cannot be ruled out. On the downside, 19,500-19,350 / 5,850- 5,800 levels may act as support for the day".
Alex Mathews, Geojit BNP Paribas Financial Services: "Nifty breached the key support of 5,924 and fell below the psychological mark of 5,900 but fortunately closed above it. But the outlook remains weak and murky as no major cues are coming up except the advance tax number scheduled on 15th of this month. Selling pressure seen in commodities and weakness seen in rupee against dollar is showing further downside for the markets with Nifty having major support only at 5,722 levels. Investors should be cautious while dealing in midcap and smallcap stocks".
::DERIVATIVE CALLS FROM FAIRWEALTH SECURITIES::
Sell Bank Of Baroda futures below 888 for target of Rs 877-866 and stop loss of Rs 899.
::DERIVATIVE CALLS FROM FAIRWEALTH SECURITIES::
Sell Bank Of Baroda futures below 888 for target of Rs 877-866 and stop loss of Rs 899.
Sell Reliance Industries futures below Rs 1,014 for target of Rs 1,002-992 and stop loss of Rs 1,026.
Buy BPCL futures around 672-673 for target of Rs 686-700 and stop loss of Rs 659.90.
Sell Nifty below 5,894 for target of 5,864-5,824 and stop loss 5,924.
Sell Bank Nifty below 11,440 for target of 11,380-11,280 and stop loss of 11,500
WILL UPDATE TOMORROW MORNING.