The FIIs were net sellers to the tune of Rs 2702.22 cr (prov. cash market fig).
The BSE 30-share Sensex was down 545.92 points or 3% to 17,632.41, its lowest closing since 10 February 2011. The Sensex tumbled 618.63 points at the day's low of 17,559.70 in late trade. The Sensex fell 43.21 points at the day's high of 18,135.12 in early trade. The S&P CNX Nifty was down 174.55 points or 3.21% to 5262.70 its lowest since 10 February 2011. The Nifty hit low of 5242.50. The BSE Mid-Cap index was down 2.91% and the BSE Small-Cap index was down 2.77%. Both of these indices outperformed the Sensex.
The market breadth, indicating the health of the market, was quite weak. On BSE, 2287 shares declined while 604 shares advanced. A total of 76 shares remained unchanged. From the 30 share Sensex pack, 28 fell and two rose.
BSE clocked turnover of Rs 3632 crore higher than Rs 3157.42 crore on Wednesday, 23 February 2011.
VIEWS FROM DIFFERENT BROKING HOUSES:
IIFL PRIVATE WEALTH (Prashastha Seth): “Nifty won’t break the bottom 5200 until budget happens. It may remain range bound and volatile till the budget. What happens beyond budget is something that only time will tell. I think we need to wait for budget and what the Government announces in that to take a call on whether we will not breach 5200 level in March as well”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat note tomorrow. Trade short from 5,300 levels for targets of 5,220 and 5,200 levels with a stop loss placed above 5,350 levels”.
SKP SECURITIES: “Nifty may face resistance at 5360-5450 and take Support at 5170-5000”.
ANGEL BROKING (Mileen Vasudeo): “Markets witnessed a gap down opening and momentum on the downside intensified as day progressed which led the indices to close deep in red. On the daily chart we are observing that indices have closed well below the support zone of the upward gap area (17,752 to 17,857/5,319 to 5,340) which suggests weakness. In coming trading session if indices trade below 5,242 levels then they are likely to test 17,373/5,200 levels or the prior bottom of 17,295/5,177. However, on the upside a bounce up to 17,866-17,964/5,340-5,370 cannot be ruled out”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today closed below 5,300 and is having support at 5,229 and 5,175 below more selling is expected. But being the first day of the March contract, we may not see a major downside”.
CANARA BANK SECURITIES (CanMoney): “Technically, after yesterday’s decline, today, Nifty formed another big bearish candle, strengthening the fear about further correction in the existing levels. As per candlestick pattern, Nifty formed three continuous bearish candles, which depicts a bearish trend in short term. In today’s session bears completely dominated the bulls and carried forward the negative movement as of yesterday. Today, Nifty has breached the vital support of 5,400; 5,350 & 5,300 and closed with deep cuts without showing any recovery. Owing to F& O closure of February series, volatility was on higher side. Owing to the fragile show earmarked with profit booking, Nifty slipped to below the vital level of 9, 15, 50 and 100 day’s SMA placed at 5,456, 5,400, 5,701 and 5,872 levels; these levels may act as resistances, in coming sessions. VIX jumped to a very high value of 28.20%, thus indicating higher volatility in market in the forthcoming sessions. RSI (14) for the day was at 35.46 levels and MACD was above the signal line, thus combined together they are giving the signals that market may witness ranged movement in coming session”.
IIFL (Amar Ambani): “Market sentiment appears to be extremely fragile amid concerns that the simmering political tensions in the Middle-East and North African would lift crude oil prices further. India imports more than 70% of its annual crude volume and the Indian basket comprises 40% Brent and the balance Dubai variety. Any spike in oil prices is bad for the Indian economy as it will adversely affect the already high current account gap”.
BUDGET EXPECTATIONS:
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