Bears on prowl push pivotals to the pits

Bears on prowl push pivotals to the pits

Key benchmark indices fell for the third straight trading session amid volatility, on Thursday, to reach their lowest closing level in more than one week, weighed down by weak global cues and a depreciating rupee.

The market was volatile as traders rolled over positions in futures & options (F&O) segment from the near-month December 2011 series to January 2012 series. The near-month December 2011 F&O contracts expired on Thurday.

The Sensex was down 183.92 points or 1.17 per cent, which is off close to 180 points from the day’s high and up about 30 points from the day’s low, while the 50-unit Nifty at BSE fell below 4700 levels.

The market breadth was negative as the 11 sectoral indices on BSE were in the red on Thursday, with the exception of BSE Metal and BSE Healthcare indices. Thankfully, a sigh of relief came on inflation front as the government data this afternoon showed food inflation for the week ended December 17 dropped sharply to a six-year low of 0.42 per cent in the week ended December 17 as against 1.81 per cent in the earlier week, which gives scope for RBI to consider reducing policy rates at the next policy meet in January.

From broader indices, the BSE Mid-Cap index fell 0.35 per cent and the BSE Small-Cap index declined 0.74 per cent. The market breadth, indicating the overall health of the market, was negative with as many as 1,541 shares on BSE fell and 1,151 shares rose, while a total of 125 shares remained static. BSE clocked a turnover of Rs 1473 crore, higher than Rs 1279.96 crore on Wednesday.

In macro perspective, the barometer index of BSE has dropped 426.82 points or 2.67 per cent in the last three trading sessions.

The BSE Sensex has slumped 4,965.16 points or 24.2 per cent in calendar 2011. From a 52-week high of 20,664.80 on January 3, 2011, the Sensex has lost 5,120.87 points or 24.78 per cent, while from a 52-week low of 15,135.86 on December 20, 2011, the Sensex has risen 408.07 points or 2.69 per cent.

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