Indices Slip Further As Heavyweights Come Under Pressure

MUMBAI: Key indices were choppy within a narrow range, reflecting traders’ indecisiveness. Asian peers, which opened on a positive note, also slipped into red.

At 11:30 am, the National Sock Exchange’s Nifty was down 52 points or 0.89 per cent at 5725.30. The index touched a high of 5874.60 and low of 5723.95 in trade so far.

“Nifty has already corrected 50 per cent of the recent rally from 5394 to 6185, and is still looking weak on the charts. It can now test 5696, which is 61.80 per cent re-tracement of the recent rally, and if it breaks this level we may see further downside. For today, it has resistance in the range of 5890 to 5900,” said Emkay Share and Stock Brokers in a note.

The Bombay Stock Exchange’s Sensex was down 150 points or 0.78 per cent at 19,111.73, making a high of 19,375.07 and low of 19,111.73 in trade so far.

Biggest index losers were Hindalco Industries (down 2.32%), HDFC (2.28%), HDFC Bank (1.98%), Reliance Energy (1.66%) and Larsen & Toubro (1.65%).

DLF (up 1.56%), NTPC (1.42%), Cipla (1.32%), Hindustan Unilever (1.19%) and ITC (1.03%) were the biggest index gainers.

Elsewhere is Asia, stocks opened higher after sharply declining in the previous session, but slipped into red. The Nikkei was down 0.76 per cent and the Straits Times lost 0.2 per cent. The Hang Seng, however, was up 0.43 per cent.