It was quite suprising as market showed a smart recovery, whereas there was a blood bath in global markets.
At day end Sensex closed at 14543 and Nifty at 4393. It was mainly supported by power, banking and selected real estate stocks. Otherwise all other indices closed lower.
Markets closed in red but managed thereto show smart recovery in last half an hour of trade. The Sensex has recovered over 175 points and Nifty 50 points from days low of 14,368.72 and 4316.55, respectively.
ACC dropped by -5.78%, Idea Cellular -5.05%, Maruti Suzuki -3.90%, HDFC -3.24%, Satyam -3.21% and Reliance Comm -3.06%. However, Reliance Infra gained 2.26%, Hindalco 2.08%, ICICI Bank 2.01%, NALCO 2.06% and Reliance Petro 1.92%.
Sugar stocks have gained after yesterdays hearing in Allahabad Court, which has annulled the Lucknow Bench order of upholding Rs 125 per quintal SAP for sugar manufacturing.
However, telecom stocks witnessed selling pressure as TRAI permitted Internet telephony. Idea Cellular, Reliance Comm, Bharti Airtel and TataTeleservice fell 1.6-5%.
Realty stocks like Phoenix Mills, HDIL, Akruti City, Puravankara Pro and Unitech have slipped. Index ended with a loss of 0.27% at 5,117.50.
Most active counters on the bourses were Reliance Ind, Reliance Infra, ICICI Bank, L&T and Reliance Communication.
On the global front, Asian markets ended in negative terrain barring Shanghai. Hang Seng, Jakarta, Nikkei, Straits Times and Kospi declined 1.7%-2.3%. However, Shanghai Composite rose 1.06%.
European markets also got hammered a lot. FTSE, CAC and DAX plunged over 1%.
US market also doenoot look good.It is down with almost 1.5 to 2% on weak housing data. Donot expect any good move tomorrow. As expected earlier, market will try to find support at 4300.
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