Sensex ends 118 pts lower; oil & gas, banks, metals drag
Indian equity benchmarks closed Friday's trade on a negative note amid volatility seen in the second half of trade. The market was quite positive in the morning trade - seemed like good bounce back, but those gains shaved off in later part of the day.
June 03, 2011 / 16:15 IST
Indian equity benchmarks closed Friday's trade on a negative note amid volatility seen in the second half of trade. The market was quite positive in the morning trade - seemed like good bounce back, but those gains shaved off in later part of the day.
The 50-share NSE Nifty had touched the 5,600 mark - nearly at three-week high - but could not hold that level due to profit booking in heavyweights. It declined 33.60 points, to settle at 5,516.75. Indices continued the downtrend for third consecutive session.Rahul Mohindar of viratechindia.com feels that 5,480 on Nifty is an important level. "The market does seem a lot more vulnerable and that is why we are actually now much closer to 5500. The worry is if we break 5480, then we may see another 100-150 points bash on the downside. Technically, 5480 is the downside level which traders have started watching for. 5600 is definitely the point people want to see the market getting above. So we are going to be in that state of limbo where we are going to be slightly sideways," Mohindar said.The 30-share BSE Sensex shed more than 250 points from day's high of 18,672.65; it fell 117.7 points, to close at 18,376.48. Heavyweight Reliance Industries was the leading player in morning trade but after its 37th Annual General Meeting, it slipped into the red due to lack of triggers. The stock lost 1.7%.Prabhudas Lilladher vice-president Apurva Shah says the stock however, will stay where it is due to
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