Sensex falls for 3rd day…Nifty below 5850

The Indian market extended its losing streak to the third straight trading session on Friday, ending the week with marginal gains. Today’s fall was gradual with the key indices constantly under pressure after opening at day’s high. The decline was led by Realty, Auto, Consumer Durables and PSU stocks. Even the Mid-Cap and the Small-Cap stocks were under pressure after outperforming the benchmark indices for the past three days.



Technically, the NSE Nifty has shown some signs of reversal, which implies that the market might drift lower in the near term. The 5800 level would act as a strong support. If the Nifty closes below this level we could see the index drop further.

"The market is consolidating after notching up strong gains in the past few days. There are not many catalysts that could take the market further up from here in the near term. On the flip side, there are a few headwinds, especially those emanating from the overseas markets, which could dampen the sentiment. On the local front, attention will shift to earnings. FII inflows and inflation are the other two variables one should keep a close eye on," says Amar Ambani, Head of Research (India Private Clients) - IIFL.

The BSE Sensex ended at 19,451 losing 140 points. It had earlier touched a day's high of 19,697 and a day's low of 19,388. It opened at 19,602. While, the NSE Nifty lost 44 points to close at 5,842.

Among the BSE sectoral indices, the BSE Realty index was the top loser, the index lost 2.5% followed by BSE Auto index losing 1.8%, while, BSE Consumer Durables index lost 1.5%. BSE Mid-Cap index and BSE Small-Cap index lost 1.2% and 1.4% respectively.

The European markets were trading with in the green, the FTSE index was up 0.9%, CAC index was up 0.8% and DAX index was up 0.5%.

Outside the index, the major losers were Jai Corp, Indian Bank, IRB Infra, JSW Energy and NCC. Among the major gainers were P&G, Essar Oil, Areva and Termax.