Nifty hovers above 6050; metals, realty, tech decline - Economic Times

MUMBAI: The Nifty extended early losses and slipped toward its intermediate support of 6,050 as traders continued to book profits following weakness in global markets.

All major sectoral indices, barring the pharmaceuticals space, were in the red; with realty, oil & gas and technology leading the fall.

At 10:50 a.m.; the 50-share index was at 6,064.35, down 25.15 points or 0.41 per cent. It touched a high of 6,074.85 and a low of 6,052.20 in trade today.

The S&P BSE Sensex was at 20,423.70, down 90.15 points or 0.44 per cent. It touched a high of 20,480.35 and a low of 20,391.96 in trade today.

The S&P BSE Midcap Index was up 0.05 per cent and the S&P BSE Smallcap Index was 0.30 per cent higher.

"Our market has now finally managed to come out of the congestion zone. A closing below the weekly '20 EMA' coupled with the negative placement of the weekly 'RSI-Smoothened' and the 'ADX (9)' indicator suggests higher possibilities of intermediate-term weakness. Considering these evidences, we expect the Nifty to initially test the crucial support level of 5,970 and may even slide towards 5,850-5,820 levels, if it sustains below 5,970 over the next three weeks," said Angel Broking note.

"On the other hand, Thursday's 'Bullish Hammer' pattern does not rule out the possibilities of a near-term bounce towards 6,150-6,180 levels. We expect the banking, oil & gas and metal counters to remain under pressure; whereas the IT and healthcare sectors may remain to be a safe bet for traders," the report added.

Among sectoral indices, the S&P BSE Metal Index fell 1.61 per cent, the S&P BSE Realty Index was 0.75 per cent lower and the S&P BSE IT Index fell 0.48 per cent.

The S&P BSE Healthcare Index was up 1.22 per cent.

Jindal Steel (2.74 per cent), Hindalco (2.46 per cent), Bharti Airtel (2.32 per cent), M&M (2.16 per cent) and BPCL (2.07 per cent) were among the major Nifty losers.

Lupin (up 1.88 per cent), Dr Reddy's Laboratories (up 1.80 per cent), Hero Moto (up 1.54 per cent), Sun Pharmaceuticals (up 1.49 per cent) and Ambuja Cements (up 1.04 per cent) were among the index gainers.

The market breadth was positive on the NSE with 687 gainers against 584 losers.

Foreign institutional investors sold shares worth Rs 652.97 crore while domestic institutional investors were net buyers worth Rs 327.01 crore on Friday, as per the provisional data from the National Stock Exchange.

The most Asian markets which opened after the Lunar New Year holiday were down on profit booking. The Nikkei 225 fell 1.55 per cent, the Seoul Composite was down 1.10 per cent and the Taiwan Weighted was 1.58 per cent lower.

Copyright © 2014 Times Internet Limited. All rights reserved.

via Business - Google News http://ift.tt/1bTCSqm

Put the internet to work for you.

via Personal Recipe 2910127