Sensex retreats, ends 152 points down on profit booking
20 Jul 2011
Indian equity benchmarks shaved off yesterday's gains on Wednesday led by profit booking. The fall was despite positive global cues post Barack Obama talks on US debt rating. It seemed that Indian markets already priced in the news in previous day's trade and are looking for further clarity on US budget deficit and euro-zone debt crisis.
The 50-share NSE Nifty closed well below the 5,600 mark, with falling 46.5 points or 0.83% to close at 5,567.05.
Monal Desai, VP Head Institutions Derivatives at Prabhudas Lilladher in feels that if it breaks 5,600 level it is likely to trail back down to 5,530 and then below that it may see 5,400 level. "The market is still in the shorter range of 5,530-5,660," he said.
"From options point of view 5,500 put and 5,700 call could be advisable or maybe little bit on the safer side you could do 5,400 put and 5,800 call. I don't think we will break those levels because that is where the entire option data is," Desai added.
The 30-share BSE Sensex fell 151.49 points or 0.81%, to end at 18,502.38 after seeing more than 100 points rally in the initial trade.
All sectoral indices ended in the red barring FMCG - the BSE Power, Healthcare, Capital Goods, Auto, PSU and Metal indices declined 1-1.7%.
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