Market Updates: The Markets Today

by khalid on 13/09/2011 · 0 comments

Today the market opened on a positive note following the pullback witnessed in Asian and US markets. The markets remained green till afternoon but after the afternoon session the markets came down from green region directly into the red region. The market touched the lowest part of the day after cutting most of the losses. Rupee fell to a 16 month low to reach 47.6 levels per dollar. The volatility in the market in the last hour was triggered by US index futures and European markets. The FII investment yesterday was ceiled at $17 billion in infrastructural bonds having initial maturity of 5 years. The Global market cues and the Economic data kept the markets in the volatile mode.

Nifty had started on a positive note but fell from top to close on the negative side. Markets are expected to remain extremely volatile by tracking the most awaited crucial economic data. Nifty has a support level of 4911 which is below 4867 and the resistance level of 5000 and 5030, if it manages to close at these levels then one can expect to see a further upside.

If we look at the sectoral front then IT, Oil, Infrastructure, Auto, Healthcare and banking were the losers. Fall of rupee has helped IT sector though and the rising Oil prices have helped the Oil explorers. Cement stocks have resumed gaining spree, while Auto stocks like Tata Motors lead the fall in the Auto sector.

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