Nifty tests 5800; capital goods, power, pvt banks down

At 12:28 hours IST - the 50-share NSE Nifty has seen heavy sell-off in afternoon trade, tested even the 5800-level, which is the major support level, says technical analysts. Capital goods stocks were extremely under pressure.

January 10, 2011 / 13:44 IST

At 12:28 hours IST - the 50-share NSE Nifty has seen heavy sell-off in afternoon trade, tested even the 5800-level, which is the major support level, says technical analysts. Capital goods stocks were extremely under pressure, which could be ahead of earning season; the respective Index tanked 3.4%. However, the Nifty showed a bit of recovery after testing that support level.

Oil & gas, private financial, metal, auto, healthcare and FMCG companies' shares were on sellers' radar; respective indices fell 1-2%. However, buying in Bharti Airtel, Infosys, Sterlite and SBI was trying to cap those losses a bit.

The fall was always on the cards with spiralling inflation and high crude oil prices, says Ajay Srivastava, CEO of Dimensions Consulting.

first published: Jan 10, 2011 12:33 pm

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