Street signs: Mkts on weak footing, SEC rule may prompt IPO rush, and more

Markets on weak footing

The markets could extend the losses due to weak technical formation after the Union Budget, say technical analysts. “The benchmark Nifty had opened ‘gap down’ a day after the Budget. The gap will only be filled after the Nifty crosses 11,800. Till then the overall trend remains weak,” said a technical analyst, adding that the 50-share index could decline to 11,500. On Friday, the index closed at 11,419. Experts say the weakness in the banking sector has lead to the pressure. “Financial stocks were supporting the markets post the budget. However, poor results by some of the