NOV 1: The Sensex slumped to 4271, losing another 174 points day over day. We now need to see if the support at the 4150 level will work. The market opened on a hopeful note, with the Sensex at 4490, some 45 points higher than Friday's close of 4445. It managed to post just 10 points higher for the intra day high at 4500.Thereafter the index lost its grip but hovered around 4370 levels. But beyond 14 hours (2 p.m.) the Sensex slumped down steadily and closed at 4271. It posted an intra day low of 4267. The volume picture is this. The advance volume at the BSE was miniscule. It went down from Rs.334 crore to Rs.50 crore. The volume in decline also moved down from Rs.2665 crore to Rs.1796 crore. The number of scrips in advance went down from 573 to 396, while the number in decline went down from 1632 to 1321.
At the NSE the advance volume shrunk from Rs.481 crore to Rs.29 crore and the volume in decline too went down marginally from Rs.2640 crore to Rs.2404 crore. The number of scrips in advance came down from 183 to 47, while the number in decline expanded from 934 to 1096. The S&P Nifty fell through an important support level at 1288.
Further down it has a broad area of support at 1200. In the Sensex list, only four scrips, namely Mahindra & Mahindra, Gujarat Ambuja Cements, HLL and Hindalco posted gains. Reliance Industries, which has been resisting the fall slipped today by around 7 per cent. ITC too went down further.
The software scrips are yet to find support. Infosys continued to drop further and the mood of the market had an impact of NIIT, which reverted back to the base line. HPCL is now close to the baseline of Rs.150. Cochin Refinery broke through its support level after moving up northwards. Reckit is fighting back. Bank of Baroda, Corporation Bank, Cummins, Datar Switch, Hind Inks, Indian Oil, Castrol, Kodak, Krone Communications, Omax Autos, Pantaloon, Karur Vysya, OEN Connectors, are some of the scrips that have bucked the down trend.
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