Opening Bell – Bears Dominate Bulls On D-Street Nifty Tanks 28 Points

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The BSE Sensex opened down by 190 points at 30466, while the Nifty50 opened lower by 28 points at 9453 mark.TCS is the top Nifty gainer and Hindalco is the top Nifty loser in the morning hours. TCS is trading at Rs 2463 per share up by 0.3% whereas Hindalco is trading at Rs 195 per share, down by 1.5%.There are 282 advances, 1138 declines and 481 unchanged stocks on NSE reflecting some bnegative bias floating in the market.The rupee opened at 64.34 per dollar lower by 18 paise.

Nifty managed to recover from intra-day losses in the previous session and closed at an all-time high level with marginal gains. Hence, despite poor opening, we may see some short covering during the session today if Nifty recovers and continues trading above 9350 level. With this, the zone of 9550-9600 will act as the resistance level for the Nifty. In case of any turnaround, we hold 9470-9450 as the support levels for the Nifty.

On Wednesday, the US stocks closed down after a record session. The Nasdaq closed 2.5% down at 6011, S&P 500 closed 1.8% down at 2357 and Dow Jones Industrial Average tumbled 1.8% to the 20607 level. Following their footsteps, Asian markets also opened on a weaker note. Japan’s Nikkei 225 is down 1.8% at 19456, shedding 352 points. Hong Kong’s Hang Seng is marginally down with 0.36% loss and China’s Shanghai Composite too is down 0.26%.

 

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