Stock market opening bell: Sensex, Nifty slide on worries about ECB economic growth
The market is on upside as the Nifty has sustained above the psychological 11,000 levels for the second successive day on Thursday.
On account of positive FII and market sentiment, the Indian indices inched higher in early trade session on Friday. The BSE Sensex lost 60 points to 36,665 levels while the 50-stock Nifty slide 30 points to 11,029 levels. The BSE metal, energy, auto, oil and energy indices led the tank at the Dalal Street bear run on Friday.
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 second successive day on Thursday. 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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Shares of Jai Corp Ltd., eClerx Services, KNR Constructions, Kwality and Avanti Feeds were among the top gainers by adding 8.15 per cent, 6.09 per cent, 4.92 per cent, 4.93 per cent and 2.2 per cent respectively.
Metal index led the tank
The BSE metal index went off by near 1 per cent on Friday. The index major Hindalco Industries Ltd was down by more than 2 per cent, Jindal Steel & Power stock went off by near 1.75 per cent, NMDC Ltd counter was down by 1.2 per cent, shares of Vedanta went down by around 1.1 per cent, while TATA Steel, JSW Steel, SAIL stocks went down by near 0.75 per cent.
Asian stocks too shuddered lower on Friday after the European Central Bank slashed its growth forecasts and launched an emergency round of policy stimulus, leaving investors fearing the worst for the global economy.
Japan's Nikkei led the way with a drop of 0.9 per cent, while Australian stocks lost 0.5 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.3 percent, having already shed 0.9 per cent the day before. E-Mini futures for the S&P 500 dithered either side of flat after a weak close for Wall Street.
The Dow fell 0.78 per cent, while the S&P 500 lost 0.81 per cent and the Nasdaq 1.13 per cent. The closely watched Dow Jones Transport Average fell for a 10th straight session, the longest streak since February 2009.