A morning walk down Dalal Street | Nifty may slip towards crucial support of 10,200
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A volatile day for Indian markets as bulls failed to hold on the momentum which it gathered in opening trade. The S&P BSE Sensex fell over 600 points from its intraday high to close at 34,134, down 181 points. The Nifty50 closed 58 points down at 10,245.
Most analysts attribute the fall to macro concerns, including higher crude prices and liquidity crunch which hurt the trading sentiment.
The fall in the S&P BSE Sensex was led by losses in Reliance Industries, IndusInd Bank, Kotak Bank, Infosys, and Asian Paints. Financials gave up all of their gains and were a drag on the benchmarks.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
On the sectoral front, energy, IT, and metals were the big losers. Sell-off in broader market added to weakness. The S&P BSE Small-cap index slipped nearly 2 percent while the Mid-cap index was down by 0.7 percent.
Technically speaking, as long as Nifty holds below 10350 zones it could slip towards its crucial support of 10200 then swing low of 10138.
Crucial hurdles are placed at 10450-10480 zones.