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Market tanks: Will it slip to 5100 before budget?

Domestic investors have got a hit in the chin today. Indian equity benchmarks have got slaughtered in the afternoon trade as the Nifty touched the 5300-mark - on spike up in crude oil prices above USD 101/barrel on the rising Libya worries.

February 24, 2011 / 09:15 PM IST

Domestic investors have got a hit in the chin today. Indian equity benchmarks have got slaughtered in the afternoon trade as the Nifty  touched the 5300-mark - on spike up in crude oil prices above USD 101/barrel on the rising Libya worries.


London brent crude was trading at USD 117/barrel, up 6% and crude oil was trading at USD 102/barrel, up 4% over previous close on New York Mercantile Exchange. Meanwhile, food price jumped 11.49% (WoW) and the fuel price index climbed 12.14% (WoW) in the week ended 12 February.


The 30-share BSE Sensex crashed 442 points to 17,736 and the 50-share NSE Nifty tanked 136 points at 5,301. The broader indices too plunged more than 2% just one hour before the closing.

Technical Analyst Mitesh Thacker says that the market is likely to head towards 5250 or even 5177 which was the recent intermediate low.

first published: Feb 24, 2011 02:30 pm

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