MUMBAI: Indices were choppy on Wednesday due to lack of conviction in the traders after a steep fall in previous session. Metals, realty and FMCG stocks were in the green while banks and power underperformed.
“For today’s trade, bias continues to remain negative specifically for morning trade, however mild recovery later is highly probable as Nifty trades very close to its mentioned support range,” said Reliance money report.
At 12 pm, Bombay Stock Exchange’s Sensex was at 8436.22, up 8.93 points or 0.11 per cent. The 30-share index hit a low of 8376.28 and high of 8485.29.
National Stock Exchange’s Nifty was at 2630.05, up 8 points or 0.29 per cent. The index touched an intra-day low of 2611.95 and high of 2642 in trade so far.
“Volatility can be the order of the day; an intra-day downside could come in below the 2622 level while significant support at lower levels (2520) – would limit the downside. The outlook has turned negative again while resistance comes in at the 3040+ level and support comes in at the 2497 level,” said Asit C Mehta report.
Hindalco Industries (3.89%), Sterlite Industries (3.03%), Reliance Infrastructure (2.82%), ACC (2.34%) and Grasim Industries (2.13%) were the top Sensex gainers.
HDFC (-2.79%), ICICI Bank (-2.01%), BHEL (-1.52%), Sun Pharmaceuticals (-1.19%) and Reliance (-0.86 %) were the top losers.
Market breadth was negative on the BSE with 1147 declines and 848 advances.
US stocks fell in volatile trading Tuesday, with the S&P ending below 700 for the first time since October 1996 as concerns of recession weighed sentiments. The Dow Jones Industrial Average dropped 0.55 per cent, Standard & Poor's 500 Index 0.64 per cent and the Nasdaq Composite Index ended 0.14 per cent lower.
Asian stocks recovered from lows after declining for a straight third day. The Nikkei was up 0.85 per cent, Kospi moved up 3.29 per cent and Shanghai Composite gained 5.63 per cent.
http://economictimes.indiatimes.com
“For today’s trade, bias continues to remain negative specifically for morning trade, however mild recovery later is highly probable as Nifty trades very close to its mentioned support range,” said Reliance money report.
At 12 pm, Bombay Stock Exchange’s Sensex was at 8436.22, up 8.93 points or 0.11 per cent. The 30-share index hit a low of 8376.28 and high of 8485.29.
National Stock Exchange’s Nifty was at 2630.05, up 8 points or 0.29 per cent. The index touched an intra-day low of 2611.95 and high of 2642 in trade so far.
“Volatility can be the order of the day; an intra-day downside could come in below the 2622 level while significant support at lower levels (2520) – would limit the downside. The outlook has turned negative again while resistance comes in at the 3040+ level and support comes in at the 2497 level,” said Asit C Mehta report.
Hindalco Industries (3.89%), Sterlite Industries (3.03%), Reliance Infrastructure (2.82%), ACC (2.34%) and Grasim Industries (2.13%) were the top Sensex gainers.
HDFC (-2.79%), ICICI Bank (-2.01%), BHEL (-1.52%), Sun Pharmaceuticals (-1.19%) and Reliance (-0.86 %) were the top losers.
Market breadth was negative on the BSE with 1147 declines and 848 advances.
US stocks fell in volatile trading Tuesday, with the S&P ending below 700 for the first time since October 1996 as concerns of recession weighed sentiments. The Dow Jones Industrial Average dropped 0.55 per cent, Standard & Poor's 500 Index 0.64 per cent and the Nasdaq Composite Index ended 0.14 per cent lower.
Asian stocks recovered from lows after declining for a straight third day. The Nikkei was up 0.85 per cent, Kospi moved up 3.29 per cent and Shanghai Composite gained 5.63 per cent.
http://economictimes.indiatimes.com
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