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Tuesday, May 25, 2010

Nifty ends near 4800 - 3-month low

25 May 2010

MUMBAI: Indian markets ended near 3-month lows on Tuesday, reacting to fears over a widening debt crisis in Europe and rising hostility between South and North Korea. Stocks from metals, capital goods and banks were amongst the worst beaten sectors.

Equities opened gap-down on reports that North Korea was readying its military against any action by South Korea and the US. The fall was triggered further by negative opening of Europe which led to the benchmarks slipping below crucial support levels.

National Stock Exchange’s Nifty ended at 4806.75, down 137.20 points or 2.78 per cent. The index breached the crucial support of 4800 and touched an intraday low of 4786.45.

Bombay Stock Exchange’s Sensex closed at 16,022.48, down 447.07 points or 2.71 per cent. The 30-share index fell below 16,000 to touch an intra-day low of 15,960.15.

“Breaching 4,800 is not a comfortable sign. Given the negative cues from across the globe, there is a good possibility of 200 points fall on Nifty.

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