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Nifty Breaking 5400 and drifting towards 5350

The nifty broke the 5400 mark and drifting towards 5350. Weakness has increased in the Indian market and the indices are near the lows of the day among some choppiness. Oil & gas, capital goods and technology are leading the losers. The global cues added to the woes with Europe opening in the red and trading lower.

Heavyweights like Reliance, Infosys, ICICI Bank, L&T, TCS, ONGC and HDFC were laggards to the bourses.

Broader indices were also trading weak both midcap and small indices were down half a percent each.

Sensex is trading at 17854, down 129 points from its previous close, and Nifty is at 5365, down 30 points. The market breadth is negative with advances at 414 against declines of 825 on the NSE.

With RBI’s move to hike interest rates by 25 bps with a flat global market scenario has made nifty nervous, breaking the 5400 mark. However, Ramesh Damani, member of BSE says that he sees no ‘sharp fall’ in the Indian markets. “The Market has already factored in the Greek default. There are no real signs of speculative froth in Indian markets,” says Damani. Defying to side with the collapse sentiment, Damani says, “I don’t see the Nifty going towards 4,800 levels.”



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