The Indian Markets fell down again before the expiry date. The sensex ended 78 points down and the markets saw some profit booking. The equity benchmarks fell by 0.5% and overall it was a consolidation day for the markets. The sensex closed at 16,446.02 and the 50 Nifty share slipped by 25.35 points and ended at 4,945.90. The markets would stay range bound between the 4850 to somewhere around the 5005 level.
The European voting’s play a vital role in the market and the EU agreement would extend the scope of the existing fund. The European markets were very choppy and say a huge sell off. The Investors have been waiting for a bailout but the report said that the Euro zone was divided over the Greece’s second bailout.
The chief executive officer of Nautilus Invest said . “The politicians are still arguing amongst each other on how to handle the Greek debt crisis and how to find a universal solution to not only Greece but to the other countries as well.” The Ambani Group’s stocks witnessed huge selling pressure, whereas the technology and healthcare sites witnessed some upside.
Some of the market heavy weights like L&T, Bharti Airtel, Reliance Power, and Reliance infrastructure saw a fall of about 3-6.5%. Sesa Goa plunged around 2% as the environment ministry cancelled the pirna mines of the company. DLF was the biggest gainer and rallied about 3% as ONGC, ITC, NTPC, and TCS gained around 0.7-1.9%. Reliance closed flat.
Bell The Bull says there is further decline expected in the markets