Starting the week with a negative bias, Today the Indian stock market ended near day`s low on Monday. Today the market closed down with the -45.75 negetive points or -0.83% in percent and settel at 5,499.00. Key indices were under pressure right through the trading session as the NSE Nifty was unable to stage a come back. Even a slight decline in the April monthly inflation numbers was unable to bring any cheer to the market amid fears that petrol price hike would eventually heighten inflation. Inflation for April decreased to 8.66% from 9.04% in March. Average expectation was for inflation to fall to 8.4%.
Barring, Pharma and Consumer Durables indices, all the other BSE sectoral indices ended in the red. The BSE Realty index was the top loser, down 1.5%, followed by BSE Metals index, which fell 1.4%. The BSE Banking index was down 1.25%. The Mid-Cap index and the Small-Cap index ended in the red, down nearly 0.8% each.
The market players are worried that the petrol price hike and an imminent revision in diesel prices shortly will add to the inflationary pressures, triggering more rate hikes from the RBI. A weak trend across global markets also weighed on the sentiment on local bourses today.
So the daily trend of the market is down The Market has a support at current levels where it may stay sideways. But as overall trend is still down, so the readers may stay away from the market and do not create any long positions till the trend remains down.
Barring, Pharma and Consumer Durables indices, all the other BSE sectoral indices ended in the red. The BSE Realty index was the top loser, down 1.5%, followed by BSE Metals index, which fell 1.4%. The BSE Banking index was down 1.25%. The Mid-Cap index and the Small-Cap index ended in the red, down nearly 0.8% each.
The market players are worried that the petrol price hike and an imminent revision in diesel prices shortly will add to the inflationary pressures, triggering more rate hikes from the RBI. A weak trend across global markets also weighed on the sentiment on local bourses today.
So the daily trend of the market is down The Market has a support at current levels where it may stay sideways. But as overall trend is still down, so the readers may stay away from the market and do not create any long positions till the trend remains down.
NIFTY LEVELS FOR TOMORROW-
Resistance Levels- 5600 - 5700 - 5750
Support Levels - 5400 - 5300
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