FORENOON
SUBDUED
Nifty
8438 -100
Bulls
give way to Bears and Short term trend becomes bearish after about
Seven weeks. Short term trend reverses to negative and
stoploss may be placed at 8575 (on close basis).
Nifty has become “Sell on Rise” with the aforementioned stop
loss. Nifty spot is expected to encounter resistance at 8480,,
8515 and find support at 8400, 8365 for Tuesday. While
Global cues and Funds flow are expected to broadly
guide the market movement, based on the present market position,
market is expected to be generally subdued during forenoon and could
recover in Second half of the day.
MARKET PLUNGE IN INFOSYS TIDE
Logging
their worst drop in 8 weeks, benchmark Sensex plunged 339 points and
Nifty slipped 100 points today on sharp losses in Infosys, where
co-founders sold about USD 1 billion worth shares, and other
bluechips. Shares of heavyweight Infosys fell by 4.88 per cent as
families of four co-founders sold shares worth Rs 6,484 crore in the
country's second largest software services firm. Its peers TCS and
Wipro also witnessed selling pressure. Private sector lenders HDFC
Bank and ICICI Bank lost about one and half per cent each. Metals
pack, including Sesa Sterlite, Hindalco and Tata Steel, slipped 2-3.6
per cent on reports of weak trade data of China, the world's biggest
consumer of industrial metals. Domestic market was also affected by
concerns over slowing foreign capital inflows as strong US growth may
prompt the US Federal reserve to speed up rate hikes, traders said.
Foreign Portfolio Investors (FPIs) sold shares worth a net Rs 109.45
crore last Friday, as per provisional data. The 30-share index Sensex
resumed lower at 28,433.00 and hovered in a range of 28,494.85 and
28,097.12 before ending at 28,119.40, showing a loss of 338.07 points
or 1.19 per cent. This its biggest single-session loss since October
16 when it had dropped 349.99 points or 1.33 per cent. Similarly, NSE
50-share Nifty fell 100.05 points, or 1.17 per cent, to finish below
key 8,500-mark at 8,438.25. This is also its sharpest fall since
115.8-point drop on October 16.
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