The FIIs were net sellers with sales worth Rs 726.54 Cr (prov. cash market fig).
Mounting concerns about slowing corporate profits and fears of further monetary tightening to tame high inflation, also kept investors away. In the meantime, there was an announcement from PMO on loss of S-band Spectrum allocation.
FOR TODAY: The key benchmark indices hit fresh intraday lows in the last hour of trade yesterday while S&P CNX Nifty made a 7 month low. Stocks tumbled on media reports of a possible probe into two new cases involving the allocation of telecoms spectrum. The Nifty February 5100 put saw huge addition in open interest - about 33% - with the feeling that there would more downside going ahead. In a surprising move, China raised benchmark lending and deposit rates by 25 bps after our markets closed yesterday. European markets, after a negative opening, recovered and closed with modest gains. US markets were also closed in the green. Asian markets are trading flat to negative except Nikkei which is marginally on upside. SGX Nifty is trading around 5298, 22 points lower.
Today Nifty may face strong resistance around 5370-5390, while 5275-90 may act as minor support level. However, traders are suggested to follow the strategy of selling at rise for Nifty support level 5232.
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