Nifty ends below 5500 on global cues; Realty Index dips 3%
25 Aug 2010
The benchmark Nifty closed below 5500 for the first time in five sessions on weak global cues and ahead of expiry day for the month of August. The Sensex shed 132 points, pulled down by metal, financial, auto, realty, private power, capital goods, healthcare and select telecom companies' shares.
UR Bhat of Dalton Capital Advisors said that one needed to be cautious around 5,500 mark. Markets were likely to correct around 10% as risk appetite may have peaked.
European markets like France's CAC, Germany's DAX and Britain's FTSE were down 0.4-0.6%; even Dow Jones and Nasdaq futures slipped in red after initial upside, at the time of closing of Indian equities. Asian markets slipped further in late trade; Shanghai fell 2% and Taiwan was down 2.56%. Nikkei and Kospi lost 1.46-1.66%. Hang Seng and Straits Times were flat.
However, buying was seen in Idea Cellular, ONGC, Sterlite Industries, ITC, Infosys, JSPL along with cement companies' shares.
The 30-share BSE Sensex closed at 18,179.64, down 131.95 points or 0.72% and the 50-share NSE Nifty fell 42.75 points or 0.78% to settle at 5,462.35. The broader indices underperformed benchmarks; the BSE Midcap and Smallcap indices lost 1.4% each.
New listing - Prakash Steelage witnessed huge buying demand on day one and its volumes were more than 10 times of its issue size. The stock ended at Rs Rs 187.95, a premium of 70.86% over its issue price of Rs 110 per share.
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