FIIs were net sellers with the tune of ` 293.56 crore (prov. cash market fig.)
The BSE 30-share Sensex was down 332.76 points or 1.82% to 17,993.33, its lowest closing level since 22 March 2011. The Sensex shed 355.07 points at the day's low of 17,971.02 in afternoon trade. The index fell 57.03 points at the day's high of 18,269.06 in early trade. The S&P CNX Nifty was down 99.80 points or 1.82% to 5,386.55, its lowest closing level since 21 March 2011. The Nifty hits a low of 5,373 in intraday trade.
The market breadth, indicating the health of the market, was weak. On BSE, 1986 shares declined while 808 shares advanced. A total of 108 shares remained unchanged. From the 30 share Sensex pack, 29 stocks fell and only one stock rose.
BSE clocked turnover of ` 2012 crore, lower than ` 2776.46 crore on Friday, 20 May 2011.
MAJOR RESULTS OF THE DAY: DLF, BHARAT FORGE, CHENNAI PETRO, INDHOTEL, TATA GLOBAL, POWERGRID, REC, APOLLOHOSPITAL, BOMBAYDYEING, ORBITCORP, PRAJIND, TWL.
FOR TODAY: EU as well as US markets were closed in DEEP RED. However, Asian markets are trading with a relief.....but on negative bias. SGX Nifty is trading (at 8.40 am) around 5379, just 3 points down indicates that Nifty may open flat but on a minor negative side.
After a positive closing on Friday, Nifty again buckled under selling pressure and closed below the psychological level of 5400. Earning woes, weak global cues accentuated the fall. Worries over Greece debt weighed heavily on the global markets. Nifty has not shown any signs of a confirmed trend reversal yet. Due to this, further downsides cannot be ruled out. The level of 5325 remains an important support on the downside. Technical indicators continue to remain oversold and are now exhibiting positive divergence. Volumes continue to be sluggish at lower levels.
WATCH 5340-5350 LEVEL CAREFULLY. IF THAT HOLDS, GO LONG WITH STOPLOSS OF 5324. SOME SHORT COVERING MAY BE SEEN DUE TO CURRENT MONTH EXPIRY. HOWEVER, IF THE ABOVE LEVEL DOES NOT HOLD, GO FOR 5200 PUT FOR THE NEXT SERIES OR SHORT NIFTY FUTURE (JUNE SERIES) WITH STRICT STOPLOSS OF 5400 (POSITION-WISE).
FOR INVESTMENT PURPOSE, ONE MAY LOOK AT LT, HUL, ITC, BHEL(EX-SPLIT), RIL, ONGC, TCS, JPASSOCIATES, SUZLON, ICICIBANK, M&M ETC. FROM 5300 LEVEL WITH A VIEW OF ATLEAST SIX MONTHS.
