After starting on a positive note on Monday, benchmark indices came under tremendous selling pressure on Tuesday, which pushed the indices below their crucial 200-day moving average, weighed down by losses in banks, consumer durable, realty, auto and capital goods stocks. The S&P BSE Sensex slipped over 500 points to hit its intraday low of 27011.96 (200-DMA placed around 27559), while the Nifty dropped over 150 points to hit its intraday low of 8158.75 (200-DMA placed around 8289.74).
"Unless we see some major sell-off taking place, like we saw last week FIIs offloading their positions, the Nifty should be able to hold 8200. There is a possibility that the Nifty may touch 8000, but then it should probably start with the journey upwards. The rupee depreciated 30 paise to 64.15 against the dollar in early trade on Tuesdayon the Interbank Foreign Exchange as the American currency firmed up overseas.
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