FIIs were net sellers with the tune of ` 487.20 crore (prov. cash market fig.).
The BSE 30-share Sensex was down 207.68 points or 1.13% to 18,137.35, its lowest level since 22 March 2011. The index lost 260.36 points at the day's low of 18,084.67 in mid-afternoon trade. The Sensex gained 90.77 points at the day's high of 18,435.80 in morning trade. The S&P CNX Nifty was down 60.05 points or 1.09% to 5,438.95, its lowest level since 22 March 2011. The Nifty hit a low of 5,421.05 in intraday trade. The BSE Mid-Cap index fell 0.66% and the BSE Small-Cap index declined 0.61%. Both these indices outperformed the Sensex.
The market breadth was weak. On BSE, 1733 shares declined while 1075 shares advanced and a total of 108 shares remained unchanged. Among the 30-member Sensex pack, 19 declined while the rest of them advanced.
The total turnover on BSE amounted to ` 2783 crore, higher than ` 2112.54 crore on Monday, 16 May 2011.
MAJOR RESULTS OF THE DAY: BAJAJHLDING, ORCHIDCHEM
FOR TODAY: EU markets closed more than 1% down yesterday. US markets, however, cover their earlier losses and DOW closed nearly 0.5% down whereas NASDAQ closed flat (positive bias). All Asian markets are trading this morning in GREEN, on an average of 0.2-0.9% up. SGX Nifty is trading at this time (8.15 am) around 5468, 18 points up indicates that today Nifty open around 5465-5470 area, which is a vital and crucial area. Till yesterday, major support was there but since it breaches yesterday decisively, it may act as a resistance now. Above 5477, we may see 5500 again.
TODAY WATCH CAREFULLY 5460-5477 AREA. IF BREACHES WITH VOLUME, THE NEXT SUPPORT IS AROUND 5420 AREA. BELOW THAT, FRESH SELLING MAY DRAG NIFTY TO 5300 AREA. ON THE UPSIDE, ABOVE 5477, 5490 AND 5511 ARE RESISTANCE.
ABOVE 5510, A MINOR PULLBACK MAY NOT BE RULED OUT. HOWEVER, TRY TO LIQUIDATE YOUR LONG POSITION ON EVERY RISE. 