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MUMBAI: Equities continued to move in a narrow range Friday with a negative bias due to lack of triggers from global markets. Realty, metals and
IT stocks led the decline while pharma and power stocks were marginally higher.
“US stocks extended a global drop as concern grew that the rally has outpaced the prospects for economic growth and Bank of America downgraded chipmakers. The yen and the dollar strengthened, oil and metals tumbled and yields on six-month treasury bills reached a 50-year low. The US markets closed down and Asian markets are also negative. We expect our market to open down. However some recovery for the day is not ruled out,” said Niket Shah, associate research analyst - institutional equity, Religare Capital Markets.
At 11:01 am, National Stock Exchange’s Nifty was at 4972.60, down 16.40 points or 0.33 per cent. The index bounced back after taking support at 4946.05. It touched a high of 4989.25 in trade so far.
Bombay Stock Exchange’s Sensex was at 16740.76, down 44.89 points or 0.27 per cent. The 30-share index hit an intra-day low of 16667.94 and high of 16794.51.
“Trend deciding level for the day is 5002 / 16834. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 5040 / 16956. However, if Nifty trades below 5002 / 16834 for the first half-an-hour of trade then it may correct up to 4951 – 4912 / 16664 – 16542,” said Angel Broking note.
BSE Midcap Index was up 0.21 per cent and BSE Smallcap Index gained 0.30 per cent.
Amongst the sectoral indices, BSE Realty Index fell 0.86 per cent, BSE Metal Index slipped 0.73 per cent and BSE IT Index was down 0.70 per cent. BSE Healthcare Index was up 0.32 per cent and BSE Power Index moved up 0.10 per cent.
Reliance Capital (-2.48%), Unitech (-2.33%), HCL Tech (-1.66%), ICICI Bank (-1.42%) and Reliance Infrastructure (-1.36%) were the top Nifty losers.
ACC (1.86%), HDFC (1.22%), Power Grid (1.15%), Hero Honda (1.01%) and Cipla (1%) were amongst the top Nifty gainers.
Market breadth was positive on the BSE with 1123 advances against 1024 declines.
Meanwhile, The Dow Jones Industrial Average shed 93.87 points, or 0.90 per cent, to end at 10,332.44. The Standard & Poor's 500 Index slid 14.90 points, or 1.34 per cent, to 1,094.90. The Nasdaq Composite Index dropped 36.32 points, or 1.66 per cent, to 2,156.82.
Asian stocks continued their slump for a fourth straight day on profit concerns. The Nikkei lost 0.97 per cent, Hang Seng dipped 0.54 per cent and Shanghai Composite slipped 0.30 per cent.
Tags : Nifty, Sensex ,
IT stocks led the decline while pharma and power stocks were marginally higher.
“US stocks extended a global drop as concern grew that the rally has outpaced the prospects for economic growth and Bank of America downgraded chipmakers. The yen and the dollar strengthened, oil and metals tumbled and yields on six-month treasury bills reached a 50-year low. The US markets closed down and Asian markets are also negative. We expect our market to open down. However some recovery for the day is not ruled out,” said Niket Shah, associate research analyst - institutional equity, Religare Capital Markets.
At 11:01 am, National Stock Exchange’s Nifty was at 4972.60, down 16.40 points or 0.33 per cent. The index bounced back after taking support at 4946.05. It touched a high of 4989.25 in trade so far.
Bombay Stock Exchange’s Sensex was at 16740.76, down 44.89 points or 0.27 per cent. The 30-share index hit an intra-day low of 16667.94 and high of 16794.51.
“Trend deciding level for the day is 5002 / 16834. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 5040 / 16956. However, if Nifty trades below 5002 / 16834 for the first half-an-hour of trade then it may correct up to 4951 – 4912 / 16664 – 16542,” said Angel Broking note.
BSE Midcap Index was up 0.21 per cent and BSE Smallcap Index gained 0.30 per cent.
Amongst the sectoral indices, BSE Realty Index fell 0.86 per cent, BSE Metal Index slipped 0.73 per cent and BSE IT Index was down 0.70 per cent. BSE Healthcare Index was up 0.32 per cent and BSE Power Index moved up 0.10 per cent.
Reliance Capital (-2.48%), Unitech (-2.33%), HCL Tech (-1.66%), ICICI Bank (-1.42%) and Reliance Infrastructure (-1.36%) were the top Nifty losers.
ACC (1.86%), HDFC (1.22%), Power Grid (1.15%), Hero Honda (1.01%) and Cipla (1%) were amongst the top Nifty gainers.
Market breadth was positive on the BSE with 1123 advances against 1024 declines.
Meanwhile, The Dow Jones Industrial Average shed 93.87 points, or 0.90 per cent, to end at 10,332.44. The Standard & Poor's 500 Index slid 14.90 points, or 1.34 per cent, to 1,094.90. The Nasdaq Composite Index dropped 36.32 points, or 1.66 per cent, to 2,156.82.
Asian stocks continued their slump for a fourth straight day on profit concerns. The Nikkei lost 0.97 per cent, Hang Seng dipped 0.54 per cent and Shanghai Composite slipped 0.30 per cent.
Tags : Nifty, Sensex ,
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