The weakness on the Indian bourses continued for the second straight session on Thursday also. After opening on a firm note, profit booking pushed the markets to lower levels towards early noon trades. Though the bulls made an attempt to bring the markets back-up, with the European markets opening weak profit booking emerged with greater intensity pushing the Indian indices into the red. Barring the BSE IT, FMCG and Bankex indices, which displayed some strength, most other sectors ended the day weak, with the BSE Metal index taking the lead. Thus, while the Sensex ended the day with 0.1% gains, the Nifty ended lower by 0.5%. However, the BSE Mid and Small-cap indices underperformed the benchmark indices with a loss of 0.9% and 0.7%, respectively. Among frontliners, ICICI Bank, Wipro, Satyam, Infosys and HUL gained 1.5-3%, while Tata Steel, NTPC, Rel Energy, RCOM and ACC ended lower 2.5-5.5%. Among Mid-caps, Crisil, P&G, Gilette, Spice Jet and Ruchi Soya gained 7-10%, whereas Kirloskar Oil, Praj Inds, National Fertilisers, Carbo Unilever and M&M Financial lost 5-6.5%.

The trend deciding level for the day is 5021/ 16745 .NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally upto 5051 – 5103 / 16821 – 16920. However, if NIFTY trades below 5021/ 16745 for the first half-an-hour of trade then it may correct upto 4970 – 4940 /16645 – 16569. Read More