Market recovery short-lived; Ranbaxy down 10%

Recovery in equities, led by spurt in shares of oil&gas major Reliance Industries, was short-lived as investors intensified profit booking. Ranbaxy Laboratories and DLF were worst hit amongst the largecaps.

Bombay Stock Exchange’s Sensex faced resistance at intra-day high of 13,978.26. At 12:05 pm, Sensex was down 160 points or 1.14 per cent at 13,835.06. The index touched a low of 13721.42.

National Stock Exchange’s Nifty was at 4188.05, down 35 points or 0.83 per cent. The broader index touched a high of 4224.70 and low of 4142.

“4180/13800 (Nifty/Sensex) may act as a major support for the market and sustenance below it may push the market to 4100/13550 level without any major efforts. However, sustenance above 4240/14000 may lift the market to congestion zone which is at 4370/4390 (14450/14550) that the market has formed in the last month.