Closing bell: Sensex, Nifty slide on selloff in metal, IT and tech stocks
The market is on upside as the Nifty has sustained above the psychological 11,000 levels for the third successive day.
On account of the weak dollar and global uncertainties, the Indian indices went down after trading green on two successive trading sessions. The BSE Sensex went down by 53 points to 36,671 levels while the 50-share Nifty went down by 22 points to 11,035 levels, closing above the psychological 11,000 levels for the third straight trading session. The BSE metal, IT and tech index were the major losers while Advanced Enzyme Tech, Jai Corp Ltd and Lemon Tree Hotels stock were the top gainer on the intraday trade on Friday. IT major Infosys went down by around 1.4 per cent on Friday intraday trade.
Commenting upon the current market trends, Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business Online, "The market is on upside as the Nifty has sustained above the psychological 11,000 levels for the third successive day. However, I would suggest investors to follow the buy on dips strategy till it trades in the range of 11,000 to 11,250." Bhaumik said that while taking buy on dips strategy, an investor must main a strict stop loss at around 10,970-10980 levels. On sector that would be driving the markets Simi Bhaumik said, "Technically, Reliance Industries would be a major driver for the Indian indices, but banking and IT would also fuel the bull run in coming trade sessions."
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Metal index led to bear blush
Shedding around 1.5 per cent, the BSE metal index led the bear run at the Dalal Street on Friday. The index major Jindal Steel & Power went off by more than 3 per cent, Shares of Tata Steel went down by around 2.44 per cent, Hindalco Industries counter went southward by around 2.39 per cent, Vedanta shares shed around 2.05 per cent, Steel Authority of India (SAIL) stocks went down by 1.92 per cent, Hindustan Zinc dived down by around 1.1 per cent while JSW Steel went southward by near 0.84 per cent.
Asian stocks too received a jolt as investors are awaiting fresh cues in the Indo-US trade talks and non farm US numbers, which is coming today. Any negative outcome in the US job data may lead to furtehr slide into the Us dollar leading to further slump in the global markets. The Asiab major Nikkei 225 of Japan went down by more than 2 per cent, South Korea's Kospi went southward by 1.31 per cent, Heng Sang sank by near 1.91 per cent, Shanghai index went down by around 4.4 per cent while FTSE 100 went down by around 0.75 per cent.
Among the US markets, the Dow fell 0.78 per cent, while the S&P 500 lost 0.81 per cent and the Nasdaq 1.13 per cent on Thursday. The closely watched Dow Jones Transport Average fell for a 10th straight session, the longest streak since February 2009.
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