Nifty slips below 5000

CNBC-TV18s Executive Editor, Udayan Mukherjee -

It’s not panned out very well this Friday. It’s been a sticky week and the last day has been no different. Early in the morning we showed strength and then it all fizzled out. The Nifty is quite effortlessly settled below that 5,000 mark for the last couple of hours of trade. The Sensex too has grounded down to about 16,700. The breadth is disappointed, lots of key sectors in the market like metals, oil, heavyweights today have disappointed quite a bit so it’s not been the perfect end to what has been certainly not a prefect week for the stock market.

The weakness never surprises me when bouts of weakness come in but one was hoping that it can still happen that we claw back above 5,000 mark. But as we were discussing first thing in the morning, this is what you wanted to avoid, a drop below 5,000 and a closing below that. Just to go in the weekend with 4900 something rather than 5000 something makes a little bit of a psychological difference.

It has been disappointing and most disappointing has been the fact that all the heavyweights have been under pressure today, right down from Reliance, ONGC, DLF, ITC, ITC’s results by the way were not great, so all these heavyweights have disappointed, not surprised then that the market has drifted down. Now comes the test whether we can get around to that 4950 or 4900 zone and bounce back yet again early part of next week or since the global markets are not looking exactly strong, we challenged those levels and this time don’t hold it. So I think next week will begin on a fairly interesting note.