A morning walk down Dalal Street | Bigger correction on cards if Nifty closes below 11,412-11434
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Profit booking hit D-Street as both Sensex and Nifty closed off from their respective highs. The S&P BSE Sensex held on to its crucial psychological support at 38000 while the Nifty50 failed to close above 11500 levels for the week ended March 22.
On a weekly basis, Nifty50 closed marginally in green while the Sensex rose 0.37 percent.
The S&P BSE Mid-cap index slipped 0.59 percent on Friday while the S&P BSE Small-cap index was down by 0.44 percent in the same period.
Even though small-cap stocks underperformed but as many as 20 stocks in the S&P BSE Small-cap index rose 10-40 percent in five trading sessions which include names like Madhucon Projects, Usha Martin, Satin Creditcare, Saint-Gobain, Prabhat Dairy, Godrej Properties, SpiceJet, and Allsec Technologies.
The rupee Friday declined by 12 paise to close at 68.95 against the US dollar on rise in demand for the greenback from importers and sell-off in domestic equities.