MARKET COMMENT Jayant Manglik, President, Religare Broking Nifty remained under pressure and lost over half a percent on the F&O expiry day. Participants were already in the cautious mood from the beginning and weak global cues combined with the news of rupee trading at new record low against the US dollar further worsened the sentiment. Almost all the sectoral indices traded in line with the benchmark and closed lower. Continuous global pressure and deteriorating macroeconomic condition on local front are responsible for the recent correction. And, we may see further pressure in the days to come. However, oversold positions may result in some rebound in between. Traders should limit leveraged trades and wait for clarity Nifty PSU Bank index settled 1.95% lower. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) PUNJAB NATL.BANK 72.80 76.75 -3.95 -5.15 SYNDICATE BANK 39.20 41.00 -1.80 -4.39 BANK OF INDIA 85.15 88.70 -3.55 -4.00 ORIENTAL BANK 71.70 73.90 -2.20 -2.98 UNION BANK (I) 79.80 81.35 -1.55 -1.91 Nifty sectoral losers BSE Sensex: ICICI Bank, Tata Motors, RIL among top losers Market at close The S&P BSE Sensex ended at 35,038, down 179 points while the broader Nifty50 index settled at 10,589, down 82 points. COMMODITY WATCH Crude oil We have seen dramatic rise in the crude oil prices in the last couple of months due to geo-political concern. There are supply issues from Venezuela, Libya and Canada. US has asked countries to cut imports of Iranian oil from November. So the crude oil prices are moving higher in the international market. On the other hand, the rupee has depreciated to all time low levels. As a result, crude oil prices touched Rs 5000 on the MCX yesterday. The rupee is expected to depreciate in coming sessions due to steady capital outflows and worsening macroeconomic conditions. Hence, we expect that crude oil prices might trade in a range of Rs 4800 to Rs 5200 on the MCX in coming sessions (Source: Anand Rathi Commodities)
Among sectoral indices, the Nifty PSU Bank index ended nearly 2% lower led by a fall in the shares of Punjab National Bank, Bank of India and Syndicate Bank.
(with Reuters inputs)