Markets get nervous ahead of Credit Policy:
The Nifty ended below 5900 mark ahead of credit policy tomorrow. Rate sensi-tive's like realty and banks took a severe beating in trade yesterday and were down more than 3%. BSE Consumer durables, metal, Pharma and PSU indices were down 1-3%. IT and telecom indices ended with gains of more than 1%. The broader markets underperformed large caps in trade yesterday. BSE Midcap and Small cap indices were down close to 1.5% each.
The Sensex was down 154.95 points or 0.78% at 19644.24, and the Niftywas down 51.80 points or 0.87% at 5892.30. About 950 shares advanced, 1991 shares declined, and 521 shares remain unchanged. New listing MOIL closed at Rs 466.50, up Rs 91.50, or 24.40%. The issue price was fixed at Rs 375. It touched an intraday high of Rs 591.05 and an intraday low of Rs 458.50.
TODAY’S OUTLOOK:
The markets are expected to display extreme volatility ahead of the credit policy. Nifty has closed near the low is near the support levels of 5880-5850. It should bounce back and oscillate between 5850-5930 for today. If either of the levels break a 50 point move can be expected.
MARKET MOOD:
The markets continue there uncertain scenario. Trader sentiment is nervous and skittish as credit policy is expected today. The participants continue to search for mid caps which have got butchered in the recent trade.
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