Indian markets pared early morning gains and slipped back to crucial support levels as concerns of slow-down in global economies hurt sentiments. Gains in oil&gas, IT and banks were offset by losses in auto, metal and power stocks.
At 12:00 pm; Bombay Stock Exchange's Sensex was flat at 17941.28, up 0.73 points. The 30-share index touched intraday low of 17892.66 and high of 18032.55.
National Stock Exchange's Nifty was at 5403, down 1.80 points or 0.03 per cent. The broader index touched a high of 5434.50 and low of 5390.55 in trade so far.
"The intermediate short term trend continues to remain bearish as Nifty closed below its important support level of 5440. And going forward if Nifty future starts trading consistently below 5440 then 5370 – 5330 is possible very soon.
For the Sensex @ 17940, strong support exits at 17750 levels and only trading below this point in the near could make the index more weak and could drift further lower while resistance seen at 18005.
Bank Nifty @ 10686 has also turned very negative but strong support seen at 10550 and only breach of 105000 could turn the Bank index negative till then there any decline could around the support level is a buying opportunity from a trading perspective," said Nirmal Bang report.
BSE Midcap Index was up 0.49 per cent and BSE Smallcap Index moved 0.67 per cent higher.
Amongst sectoral indices BSE Oil&gas Index gained 0.36 per cent, BSE IT Index moved 0.35 per cent higher and BSE Bankex advanced 0.32 per cent. BSE Auto Index was down 0.57 per cent and BSE Metal Index slipped 0.36 per cent.
NTPC (-1.85%), M&M (-1.51%), Bajaj Auto (-1.16%), ITC (-0.99%) and Hindalco (-0.94%) were amongst the top losers.
Reliance Infrastructure (2.10%), Reliance Communications (1.93%), HDFC (1.42%), Hero Honda (0.87%) and SBI (0.79%) were the major Sensex gainers.
Market breadth was positive on the BSE with 1520 gainers against 945 losers.
At 12:00 pm; Bombay Stock Exchange's Sensex was flat at 17941.28, up 0.73 points. The 30-share index touched intraday low of 17892.66 and high of 18032.55.
National Stock Exchange's Nifty was at 5403, down 1.80 points or 0.03 per cent. The broader index touched a high of 5434.50 and low of 5390.55 in trade so far.
"The intermediate short term trend continues to remain bearish as Nifty closed below its important support level of 5440. And going forward if Nifty future starts trading consistently below 5440 then 5370 – 5330 is possible very soon.
For the Sensex @ 17940, strong support exits at 17750 levels and only trading below this point in the near could make the index more weak and could drift further lower while resistance seen at 18005.
BSE Midcap Index was up 0.49 per cent and BSE Smallcap Index moved 0.67 per cent higher.
Amongst sectoral indices BSE Oil&gas Index gained 0.36 per cent, BSE IT Index moved 0.35 per cent higher and BSE Bankex advanced 0.32 per cent. BSE Auto Index was down 0.57 per cent and BSE Metal Index slipped 0.36 per cent.
NTPC (-1.85%), M&M (-1.51%), Bajaj Auto (-1.16%), ITC (-0.99%) and Hindalco (-0.94%) were amongst the top losers.
Reliance Infrastructure (2.10%), Reliance Communications (1.93%), HDFC (1.42%), Hero Honda (0.87%) and SBI (0.79%) were the major Sensex gainers.
Market breadth was positive on the BSE with 1520 gainers against 945 losers.
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