INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The bears continued to rule Dalal Street on Thursday amid macro-economic concerns and global market selloff
At 09:26 am, the SP BSE Sensex was trading 53 points lower at 35,164 with Infosys (up 2 per cent) being the top gainer and Coal India (down
nearly 3 per cent) the worst laggard
NSE's Nifty50 index was trading 31.45 points or 0.29 per cent down at 10,639.95
The index on Wednesday formed bearish Belt Hold candle on daily charts
On the way down, it has broken the swing low of 10,701 as well as the crucial daily moving averages
These observations indicate that the distribution over last few sessions is finally over and the bears have taken the charge completely,
said Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas.
The benchmark index now looks poised to test the May low of
10,417 with potential to slide down to significantly lower levels
On the flip side, 10,785-10,800 shall now act as a key hurdle zone," Ratnaparkhi added.
On the macro front, rupee crashed to an all-time low
at the open and breached 69 level per dollar for the first time
In the sectoral landscape, only three indices - IT, Media and FMCG were trading in the green
IT stocks advanced the most on the back of weak rupee
At 09:32 am, the Nifty IT pack was trading 83.90 points or 0.60 per cent higher at 14,102, with 6 constituents in the green and 4 in the
red.
The Nifty Energy Index slipped 120 points or 0.90 per cent to trade at 13,127.35
Out of 10 constituents, 8 were trading in the red while 2 in the red.
Among specific stocks, Mercator climbed as much as 6.5 per cent after
the company's arm Mercator Petroleum (MPL) received Mining Lease from Department of Petroleum, Government of Gujarat for exploiting oil
discoveries made by MPL in Block CB-ONN-2005/9
At 09:41 am, shares of the company were trading at Rs 22.15 apiece, up 3.75 per cent
Mahindra Mahindra surged over 2 per cent
On the global front, Asian stocks slumped to nine-month lows on growing worries the US administration's approach to trade is harming
global economic growth even as it appeared to be modifying its approach to curb Chinese investments in US technology firms, said a Reuters
