Sensex under selling pressure; ACC at the top

22-04-09 Selling pressure intensified in Indian markets as traders exited positions with the negative opening of European markets. All the sectoral indices were in the red led by losses in rate sensitives like realty and auto space. “Nifty has a strong resistance at 3500 while short-term support exists at 2950. IT and capital goods likely to remain stable in overall down market while real estate, infrastructure and metals may see selling,” said Networth Stock Broking note.
 

At 1:05 pm, Bombay Stock Exchange’s Sensex was at 10770.26, down 127.85 points or 1.17 per cent. The index touched an intra-day high of 11036.24 and low of 10726.87. National Stock Exchange’s Nifty was at 3317.25, down 48.05 points or 1.43 per cent. The broader index touched a low of 3299.95 and high of 3401.10. BSE Midcap Index was down 1.27 per cent and BSE Smallcap Index fell 1.98 per cent. Amongst the sectoral indices, BSE Realty Index was down 3.95 per cent and BSE Capital goods Index was down 1.90 per cent.

Jaiprakash Associates (-4.63%), Ranbaxy Laboratories (-4.15%), Maruti Suzuki (-3.84%), Sun Pharmaceuticals (-3.35%) and Sterlite Industries (-3.05%) were the major Sensex losers. ACC (3.01%), Wipro (0.35%) and Infosys Technologies (0.17%) were the only Sensex gainers. ACC posted a net profit of Rs 399.3 crore for the quarter ended March 2009 against Rs 324.3 crore in the same quarter a year ago. Total income rose to Rs 2217.82 crore from Rs1953.33 crore.

Market breadth was negative on the BSE with 1386 declines and 953 advances. Meanwhile, European markets were in the red. FTSE 100 was down 0.34 per cent, CAC 40 fell 0.25 per cent and DAX declined 0.47 per cent.

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