MAJOR HEADLINES:
JSW Steel November production up 6%; the stock closes 4.37% higher.
State Bank of India declines after raising deposit rate; the stock ends 3.86% lower.
Tata Steel rises as Rio Tinto bids for Riversdale; the stock closes up by 3.38%
The Indian markets erased all its early gains in late trade and closed the session on a flat note owing to sell-off in banking, realty and FMCG space. After a smart recovery in early trade, the domestic markets completely shaved off all its gains in the late trade and shut flat due to sell-off in banking, realty and fast moving consumer goods (FMCG) space along with ITC, Larsen & Toubro and Hero Honda. Profit booking could be the reason behind this sell-off, which dragged the Sensex and the Nifty below psychological levels of 20000 and 6000 respectively. The investors remained cautious of the fragile global markets.
The BSE Sensex too began the session 71 points higher at 20038 and moved higher, hitting the day’s high of 20218 in the morning session. The index started to trim its gains from the highest level as the session progressed. However, the Sensex wiped out all its gains in the late trade and closed flat on account of sell-off in banking, FMCG and realty stocks.
At closing bell, the Sensex shut shop at 19981, 14 points higher and the Nifty closed at 5992, down by mere one point.
The market breadth was negative as falling stocks outdid the rising ones. Of the 3047 stocks on the BSE, 1701 declined while 1222 gained and 124 stocks were remained unchanged.
GLOBAL SIGNALS:
The European markets fell erasing its early gains, led by banking stocks as worries over the euro zone debt crisis persisted. The investors remained cautious ahead of the outcome of a meeting of euro zone finance ministers.
FOR TODAY WATCH FOR 5955 LEVEL WHICH IS CRUCIAL. IF HOLDS 5958-5960, WE MAY SEE A SMALL BOUNCE TOWARDS 6030. THE TRADING RANGE WILL BE BETWEEN 5955-6040 (+/- 10).
CAUTION: ALWAYS PUT YOUR STOPLOSS WHILE TRADING. IT WILL PROTECT YOUR CAPITAL.
CAUTION: ALWAYS PUT YOUR STOPLOSS WHILE TRADING. IT WILL PROTECT YOUR CAPITAL.
