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The Nifty closed near its second resistance of 5,091. From here, we may expect a volatile move to the level of 4,970
Except for the Seoul Composite, all other Asian indices opened in the red, casting a shadow on domestic bourses as well. The Sensex opened 173 points down at 16,912 while the Nifty opened 53 points down at 5,087. And the slide continued until mid-noon to hit the intraday low of 16,745 (Sensex) and 5,034 (Nifty). After this, the indices gained some strength but failed to close in positive territory. Hitting their respective intraday highs at 16,962 and 5,099, the Sensex closed 148 points down at 16,937—and the Nifty fell 47 points to close at 5,092. Today again, the fall on the NSE was on a below 10-day average volume of 49.55 crore shares.
The Nifty has today closed near its second resistance of 5,091. From here we may expect a volatile move to 4,970 and 5,160.
Except for BSE TECk and BSE IT, all the BSE sectoral indices ended in the red, with the maximum loss being seen in BSE Realty (down 2.04%) followed by BSE Auto (fell 1.50%), BSE Power (1.34%) and BSE Capital Goods (1.27%). Out of the BSE 30 stocks, eight stocks ended in positive terrain with maximum gain in Tata Steel (1.47% up), Jindal Steel (1.32% up), Bharti Airtel (1.29%), Sun Pharmaceutical (1.26%) and Maruti Suzuki (0.97%). In total, 22 stocks ended in negative territory with maximum loss in HDFC (down 4.27%), Jaiprakash Associates (3.49%), DLF (3.34%), ICICI Bank (2.89%) and Tata Power (2.89%). The Nifty 50 stocks had 12 gainers with 38 losers.
The advance-decline ratio on the NSE was 83:385.
The country’s food-price index rose 10.60% and the fuel-price index climbed 15.17% in the year to 8th October, according to government data released on Thursday. In the previous week, annual food and fuel inflation stood at 9.32% and 15.10%, respectively. The primary articles’ index was up 11.18%, compared with an annual rise of 10.60% a week earlier.
European stocks were down as a split emerged among the region’s leaders on a plan to end the debt crisis. The US Federal Reserve said that companies have become more pessimistic about the US economy.
At the time of writing, European stocks had cut their losses and US futures were looking upwards.
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