It was a day of high drama on Dalal Street today, also the first day of the December series that closed on high volumes again.
Dubai World announced a bad debt of $60 billion sending jitters around the world (European banks having $40 billion exposure and many Indian companies too have exposure to the Dubai market).
Our market opened gap down (almost 300 points on Sensex and 100 points on Nifty) on this news but made a smart recovery at close with positive cues from European markets. Most experts believe the Dubai crisis would affect sentiments and not make any real impact on the economic fundamental of emerging markets.
Sensex shut shop at 16632, down 222 points and Nifty is at 4941, down 63 points from the previous close. CNX Midcap index was down 1.49% and BSE Smallcap index was down 2.14%. The market breadth was negative with advances at 219 against declines of 1061 on the NSE
Top Gainers of the day are Suzlon, Tata communication, Ranbaxy,Bharat electroni and Jain irrigation while Financial Technology, Aban offshore, IVCRL, Siemens and IRB infra were among the top losers of the day
Today indian market had shown its strength. Despite of heavy fall in other asian markets, indian market recovers sharply. Its clear indication of upward movement. We can see 5200 level very soon.
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