Monday, February 2, 2009

Market Watch: Sensex slips to day's low; realty, metals drag

Small intra-day recovery in equities was short-lived as traders chose to book profits at higher levels. Realty and metal stocks were the worst performers.

Volatility can be the order of the day; an intra-day upside (seems like a possibility) could come in above the 2875 level while significant resistance at higher levels (2910) – would limit the upside. The outlook has turned neutral again while resistance comes in at the 3250+ levels and support comes in at the 2497 level

All sectoral indices were in red with realty being the worst hit on account of poor results. BSE Realty Index was down 7.54 per cent, BSE Metal Index fell 4.62 per cent, BSE Bankex declined 2.84 per cent and BSE Oil&gas index was down 2.62 per cent.

Losses in DLF (-10.67%), Jaiprakash Associates (-8.59%), Jaiprakash Associates (-8.59%), HDFC (-6.04%), Hindalco Industries (-5.4%) and Tata Steel (-5.39%) dragged the Sensex lower.


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