Pintu
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NIFTY is below 4450
Monsoon worries drag Nifty below 4450- Market News-Stocks-Markets-The Economic Times
Monsoon worries drag Nifty below 4450
10 Aug 2009, 1922 hrs IST, Mohammed Sabir, ET Bureau
MUMBAI: Equities ended a volatile session lower for a third straight session Monday. Below average rainfall, FIIs selloff in the previous session and negative European markets took a toll on sentiments.
Indices opened higher tracking positive US and Asian markets but soon ran out of steam as jittery traders booked profits after FIIs pulled out over Rs 1000 crore from the market.
Bombay Stock Exchange’s Sensex closed at 15,009.77, down 150.47 points or 0.99 per cent. The 30-share index hit a low of 14957.93 and high of 15417.34 in today’s trade.
National Stock Exchange’s Nifty ended at 4437.65, down 43.75 points or 0.98 per cent. The index touched a high of 4562.50 and low of 4399.85.
“Market trend was weak since morning and an attempt by Nifty to recover couldn’t last long. Now 4330 is the next support for the index while positional short traders should keep 4510 as strict trading stoploss,” said Hitendra Vasudeo, technical analyst, stockmechanics.com.
BSE Midcap Index was down 1.71 per cent and BSE Smallcap Index slipped 1.95 per cent.
The worst hit were auto and FMCG stocks on concerns that poor rainfall would hit agriculture and impact GDP growth. India’s cumulative rainfall is deficient by 25% and 141 of India’s 593 districts have been declared as drought-affected.
Amongst the sectoral indices, BSE Auto Index was down 4.52 per cent, BSE FMCG Index slipped 2.96 per cent and BSE Realty Index declined 1.66 per cent. BSE IT Index was up 2.64 per cent.
Losers were Mahindra & Mahindra (-9.02%), ACC (-6.86%), Suzlon (-6.61%), Ambuja Cements (-5.03%) and BPCL (-4.69%).
Nifty gainers comprised Tata Consultancy Services (5.88%), Axis Bank (3.52%), Wipro (2.69%), Cipla (2.45%) and Infosys Technologies (2.36%).
Market breadth on BSE showed 1800 declines compared with 850 advances.
European markets were struggled as investors exited commodities and banks. FTSE 100 was down 0.53 per cent, CAC 40 was down 0.82 per cent and DAX slipped 0.70 per cent. The US market are also expected to open lower suggests stock futures
. Dow Jones futures was down 0.34 per cent, S&P 500 futures fell 0.41 per cent and Nasdaq 100 declined 0.65 per cent.