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Oct 17, 2011, 05.29 PM IST
The market ended on a flattish note with Nifty at 5,118 levels, down 14 points and Sensex shut shop 57 points lower at 17,025 levels. The market has been running into a bit of resistance around 5,150-5,200 levels.
The market ended on a flattish note with Nifty at 5,118 levels, down 14 points and Sensex shut shop 57 points lower at 17,025 levels. The market has been running into a bit of resistance around 5,150-5,200 levels.
After moving up 5% last week, the market spent a day in consolidation – partly dragged down by Reliance Industries which came off about 3-4% post earnings. Otherwise, it has been a fairly sedate start to the week considering largecaps and midcaps, CNBC-TV18's managing editor Udayan Mukherjee. The global markets have still been very strong. European markets have perked up quite a bit today. Mukherjee feels that this up move is not India specific, but a global move. Every asset class has been moving. Crude has gone up to USD 113.50 per barrel. Mukherjee feels that one should have an eye on what other asset classes and markets would do as their movement would be an answer to Indian market’s movement. According to Mukherjee, it isn’t surprising that the market has consolidated and run into a bit of resistance now. He believes that a bit of consolidation around 5,100 levels is a problem. "The market is still fine and nothing is wrong with the uptrend yet," added Mukherjee. For now, there aren’t any major cracks visible, he pointed out. Watch the accompanying video for more...
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