Sensex sheds 274 points; cues from West to set market tone
The Indian markets ended this week on a fragile note ahead of the action-packed events lined-up for the upcoming week. Sensex gave up most of its gains it recorded last week.
December 09, 2011 / 17:30 IST
The Indian markets ended this week on a fragile note ahead of the action-packed events lined-up for the upcoming week. Sensex gave up most of its gains it recorded last week.
The Sensex shut shop at 16213.46 down 274.78 points or 1.67% at 16213.4 and the Nifty closed at 4866.70 down 76.95 points or 1.56%. About 1131 shares advanced, 1811 shares declined, and 797 shares remain unchanged. Nifty opened well below 4900 mark and persisted to trade sluggishly for most part of the trading session.Asian markets too ended on a weak note. The EU summit failed to secure the full backing of the 27 nations for treaty changes to help fight euro-zone debt crisis. "The much awaited EU summit has been concluded and the final outcome will shape the market trend for Monday." says Shanu Goel of Bonanza.The next week will be action-packed for the markets. The IIP numbers will be announced on 12 December, Nov monthly inflation figure will be announced on 14 December, third advance tax installment is due on 15 December, which are likely to provide cues for Q3FY12 earnings and monetary policy is scheduled for December 16th.Nymex crude fell below psychological mark of USD 100 after ECB hinted that it would not participate aggressively in bond buying and fears that Brussels summit would fail to end the crisis. Crude Mcx continued its range bound pattern oscillating between positive and negative territory on regular basis. Earlier in the day, inflation levels in china cooled to a 14-month low signaling more options for Chinese central bank to act and cut rates to spur economic activities. Indian rupee traded negatively against dollar as investors took shelter of Greenback as crisis in Europe deepened after disagreement.Coal India, Maruti Suzuki, Hindalco and Jindal Steel manahed to end in green. On the losing side, Jaiprakash Associates, Mahindra and Mahindra, BHEL, Bajaj Auto and Sterlite Industries ended in red. Top gainers on the BSE Midcap - Glodyne Techno, Opto Circuits, Bombay Rayon, Vaarad Ventures and Stride Arcolab were up 4-6%.Top losers on the BSE Midcap - Dewan Housing, Gujarat Pipavav, KSK Energy Vent, BGR Energy and Dish TV India were down 6-7%.Top gainers on the BSE Smallcap - Sahara One, Advanta, Hind Dorr-Olive, Patel Eng and Kama Holdings were up 6-15%.Top losers on the BSE Smallcap - Shristi Infra, Gokul Refoils, Amtek India, Transport Corp and Fineotex Chem were down 6-8%.Chart check"Nifty futures ultimately, closed near its opening rate. This typical candle pattern on the daily charts is called doji, which means an uncertainty and suggests a halt in the immediate current trend, which was down." says Milan Bavishi of Inventure Growth.On the weekly basis, Nifty did make higher top and higher bottom compared to the previous week. However, Nifty
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