Stock Market Updates For Monday

Stock Market Updates

For Monday

Market:

Sensex ends 563 pts down, Nifty sees biggest weekly loss 

since Nov 2011; Vedanta top loser, down 5% 

Domestic equity benchmark Sensex slumped 562.88 points, or 2.18 per cent, on Friday to hit a new 52-week low and cap the week with losses — marking the fourth straight weekly loss. The broader market NSE's barometer Nifty settled at 7,655.05, down 167.95 points, or 2.15 per cent. Nifty posted its lowest closing level since November 2011. 

"We are expecting further selloff in the market due to continuous selling by FIIs and negative global sentiments, leading to downside pressure. Technically, Nifty can test the 7450 level and if this is breached, the next level can be 7,000," said Rohit Gadia, founder & CEO, CapitalVia Global Research. 

"New investors should stay away from the market for the time being till some recovery is seen. Existing investors should wait for further correction of 4-5 per cent and them add positi ons Gadia says

Asian shares extended losses on Friday as caution over a the US jobs report overshadowed signals from the European Central Bank that it was willing to take further steps to shore up the European economy. Chinese markets were closed on Friday for a national holiday. 

European markets were down up to 2 per cent at the time of writing this report. A similar depression was seen in Asian markets. Had Chinese markets not been closed today, the fall could have been worse, given the concerns over over slowdown in the world's second largest economy. 

Sentiment in the domestic market was also hit by apprehensions that deficit monsoon rains would eventuially result in poor farm output, leading to fresh pressure on food prices. 

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