Sensex fell for a sixth consecutive session to mark its longest losing streak since the slump in the
rupee in late July on continued concerns the U.S. Fed could scale back its bond purchases earlier than anticipated. Key Indices closed the trading session near 1-month low tumbling by more than 200 points amid volatile session as investors turned cautious ahead of key economic data due for release today. Meanwhile, selling among metal, auto, and financials shares along with weakness in rupee against dollar too dragged the markets. Weakness in European stocks also weighed adversely on sentiment. The rupee further weakened against the dollar. Both Sensex and Nifty hit their lowest level in nearly five weeks in late trade. Hindalco edged lower at its net profit declined slightly in Q2 September 2013. The market breadth, indicating the overall health of the market, was negative with 1471/989 as advance/decline on BSE. Rupee was hovering at 63.76 compared with its close of 63.24 to its previousclose ahead of important data today. BSE Metal, Power, Auto, Bankex and Capital Goods indices slumped by nearly 2% each. Apart from FMCG, all the major BSE sectoral indices ended in red zone.
MCX tanked over 11% to Rs 428 on back of heavy volumes on the bourses. Thinksoft Global Services was locked in upper circuit for third day in a row, up 10% at Rs 235 on BSE.
Front line stocks like Aurobindo Pharma, Biocon and Tata comm. again made 52 week high during
intraday trades today.
TOP Nifty Gainers were Ranbaxy lab. M&M, ITC, Cairn India and Kotak Bank
TOP Nifty losers were JP Associates, Tata Motors, Sesa Sterlite, Tata Power & Asian paints
Global Markets Updates:
European shares edged lower drifting away from near five-year highs, after a spate of disappointing company updates confirmed the trend of weak demand and poor revenues in the quarterly earnings season. Both Dow and NASDAQ futures were trading in RED at this evening.
Technical Parameters of NIFTY
• RSI was at 42, MACD positive below signal line; India VIX was at 21~ which all Indicate that market may see some more downside in the short term.
• While Nifty closed below its 5DMA (6128) 20DMA (6180) but still above its 50DMA (5974) and 200DMA (5862) which all indicate that market is still in the Bull Run in the medium to long term. One may accumulate quality stocks on a dip which are yet to move in the recent Bull Run having good fundamentals.
Markets closed in Negative terrain with most of sectors closing in RED. But, BSE POWER
was the Worst performing Sector today.
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