Nifty lost 7 points to close at 5651 - AXIS DIRECT

After opening on a soft note amidst volatility the market slipped into the red. An attempted recovery by the noon session failed to lead the markets into the positive zone and market slipped further but witnessed a spike in late session before ending on a weak note. Among the sectoral indices Consumer Durables & Realty lost the most while Power witnessed minor buying. In the Sensex stocks Bajaj Auto (3.85%), Jindal Steel (3.11%) & Hindalco (1.64%) were the gainers while SBI (1.71%), Tata Steel (1.68%) and Sun Pharma (1.42%) were among the losers. The Sensex lost 57 points or 0.30% to close at 18,736 and the Nifty lost 7 points or 0.13% to close at 5,651.

Total traded turnover stood at Rs 208,054 cr. In equities both FIIs & DIIs were net sellers of (Rs 14 cr) & DIIs (Rs 136 cr) respectively. On the derivatives side, FIIs were net sellers in Index Futures (Rs 316 cr) Index Options (Rs 63 cr) ,Stock Options (Rs 105 cr) while they were net buyers in Stock Futures (Rs 150 cr).

The US markets ended higher as sentiment was boosted by possibility of bail-out deal for Cyprus, coupled stronger than expected results by Nike. The Dow Jones reversed the previous day's loss as it gained 91 points or 0.63% to close at 14,512 while the NASDAQ gained 22 points or 0.70% to close at 3,245.

The Asian markets are currently trading higher. Nikkei is trading higher by 1.36% while Hang Seng is trading higher by 0.48%. Asian markets rose in early trade on news that Cyprus's president and the European Union have agreed the outlines of a rescue deal to avert a financial meltdown. Indian indices are expected to open on a positive note and global developments will be monitored closely for further direction.

Source : Equity Bulls

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