In a pre-expiry session Indian market were choppy and tried to find the direction. The Market started with disturbing news of Greece and failed to capitalize the previous day’s gain. Within minutes of opening it fell in to read and during the whole session traded in a diminishing note, while NIFTY (50 share NSE Index) closed at 4945.90 (down 25 Points) and SENSEX (30 share BSE index) closed at 16446 (down 78 points)
Pockets of weakness is clearly ADAG pack thus Reliance Capital closed at 368.25 (down 6.65%), Reliance Infra closed at 410.10 (down 5%). Another stock closed at its 52 Week low was JSWSTEEL where investors are worried and dumped the stock after company chief Mr. Sajjan Jindal indicated that its Vijaynagar plant may be shut due to shortage of Raw Material. JSWSTEEL closed at 570.65 (down 6.83%).
We are in middle of a storm where European Debt crisis coupled with domestic issues such as uncontrolled inflation and Political instability is clearly taking a toll on investor sentiments and on BSE and NSE
Trader and investors are extremely nervous going into September expiry and October Series and would like to see some real meaningful action on Global and Domestic Front. Traders are looking to end September series expiry between 4850 – 4950 levels with negative bias.