SENSEX NIFTY
Jun 22, 2009, 09.46 PM IST | Source: Moneycontrol.com

Nifty closes below 4250; commodities, telecom drag

The benchmark indices retreated after Friday's gain. Today's fall could be attributed to drop in commodities prices in international markets and weak global cues. The sell-off in oil & gas, metal, cement, realty, telecom, power and select banking stocks pushed the Nifty below the 4250 mark.

15:41

The benchmark indices retreated after Friday's gain. Today's fall could be attributed to drop in commodities prices in international markets and weak global cues. The sell-off in oil & gas, metal, cement, realty, telecom, power and select banking stocks pushed the Nifty below the 4250 mark.

Nifty closes below 4250; commodities, telecom drag
The markets had started on a positive note but after an hour of trade, both the indices turned volatile with negative bias. They lost ground further in the last one hour of trade. The 50-share NSE Nifty closed at 4235.25, down 1.82% or 78.35 points, after seeing a day's low of 4221.90. The 30-share BSE Sensex has touched an intraday low of 14,269.77, before closing at 14,326.22, down 195.67 points or 1.35%.

Reliance Industries, NTPC, ONGC, Bharti, SAIL, TCS, SBI, Reliance Communication, DLF, Reliance Infrastructure and Tata Power were draggers in today's trade.

Deven Choksey of KR Choksey Securities said if the Nifty breaks below 4,200 levels then 4,150 on the downside would be a good possibility; otherwise it has a resistance of 4,450. He said one should trade this range till the Budget and full clarity coming back into the markets.

Reliance Industries fell another 4% after losing over 13% in the last week. Choksey said, "Reliance is going to drag the market till the time Supreme Court (SC) gives complete clarity on its judgement and I think that is an area which we are going to be carefully hereafter in coming days and months."

On the next page - Sectoral indices, Turnover, Global cues

14:45
At 14:29 hours IST, the markets continued to show further weakness in today's trade. The Nifty touched an intraday low of 4235, a fall of more than 100 points from its intraday high of 4352. The BSE Midcap & Smallcap were marginally in the red.

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13:42
At 13.37 hrs IST, the markets were trading choppy with negative bias. Selling pressure was seen in oil & gas, power, metal, pharma, auto and realty stocks. However, some buying was seen in banks, capital goods and FMCG stocks.

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12:48
At 12:43 hours IST, the markets were volatile. The Nifty was struggling at the 4300 level due to downtrend in ONGC, NTPC and Reliance Industries. Shares of oil & gas exploration, power and telecom (barring Reliance Communication) companies were under pressure while buying was seen in capital goods and select financials stocks.

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11:38
At 11:31 hours IST, the markets were trading with some choppiness. Buying in capital goods, realty, metal, technology, auto and select financial stocks was helping the markets. However, the sell-off in Reliance Industries, ONGC, NTPC, Cairn, Cipla, Sun Pharma, Idea, HDFC Bank and HUL capped the gains.

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10:33
At 10:28 hours IST, the markets were witnessing consolidation after seeing sell-off in the last week. Selling in shares of oil & gas exploration, select power and metal stocks was putting pressure on the markets. However, on the other side they were getting support from capital goods, technology, realty and select financial stocks.

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09:49
The markets opened with a gap up following positive Asian cues and continued their recovery for the second consecutive day. Infrastructure, realty and metal stocks were witnessing buying interest.

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08:54
We will be inline in the opening trade with what the other Asian markets are, which gained 0.5% to 1%. But RNRL-RIL case would be one big factor to watch out for in days to come.

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