Monday blues: Nifty tanks 90 points, April expiry promises to be rocky, rupee back to its losing ways…

Markets at open were quiet –  a little lower and then slightly in the positive. As Europe opened lower post weak economic data the overseas concerns began to reflect on the Nifty, the rupee to depreciated further losing 48 paise to go  to 52.55 a dollar. The Nifty closed a whopping 90 points lower at 5200 levels.

 

 

Infosys tumbled 4% as the company is under scrutiny from the US Department of Homeland Security for likely errors in employer eligibility documents of its staff working in the United States, the company said in a statement.

 

Rel Infra was the biggest loser down 5.59% reversing last weeks’ gains.  Rcom, Rpower, Hindalco, Sesa Goa and Jindal Steel fell between 5.4-4.3%.  DLF fell 4.16%; it will be replaced by Dr Reddy in the Nifty in June.

 

Nifty was largely a sea of red – the saving grace were ACC, Sun Pharma, Reliance and NTPC up between 0.42% to 1.35%.

 

TCS numbers are awaited this evening.  Tomorrow markets will react to that as well as overseas cues.  France is likely to announce election results and market will wait to see the outcome.  The Nifty has broken below its support level of 5224 also the roll over data seems to suggest lower levels on the Nifty.  The Nifty expiry, results and economic data out of Europe and US indicate choppy markets and probably some consolidation before the April series ends.

 

Comments

  • Hi Sharmila

    Have the markets corrected sufficiently ?? Is it good time to start accumulating ?? Whats ur views on DTH and cable digitalization stocks like Dish TV, Hathway or Den …

    ShahidApril 23, 2012
    • Markets may correct a little more – wait for April expiry. I like Hathway and Dish TV. Buy them on declines.

      Sharmila

      SharmilaJoshiApril 24, 2012
      • Thanks :-)

        ShahidApril 24, 2012

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