Saturday, February 19, 2011

Markets snap 5-day rally

CommentThe markets broke their five-day winning streak after touching three-week highs earlier in the day.

The Sensex ended at 18,238, lower by 267 points or 1.4% and the Nifty shut shop at 5467, down 79 points.

The broader markets underperformed; the midcap index ended at 6662, down 133 points and the smallcap index ended at 8131, down 193 points.

The benchmark indices were going strong this morning, looking set to register their sixth consecutive daily gains and end the week on a high note, before resistance around the crucial 5600 levels on the Nifty elicited profit-booking in the later part of the noon session.

Political uncertainties surrounding the widening probe into the 2G scam and the impending weekend would have also led to the exodus towards the end of the trading session.

Meanwhile, Wall Street finished higher on Thursday after a strong manufacturing report overshadowed a bigger-than-expected rise in the number of people applying for unemployment benefits; The Dow gained 30 points to 12,318 and Nasdaq added six points to 2,831.

This boosted the sentiment across Asia, with the key benchmark indices in Hong Kong, Indonesia, Singapore, South Korea and Taiwan rising between 0.8% and 2%
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