Sensex closes below 18,000, RIL plays spoilsport
18 Mar 2011
The NSE 50-share Nifty ended the week on a somber note below the 5400-mark. It was a newsflow heavy week for the market with intense global and local cues. While the market showed strength post-budget, the recent global events, like the Mideast turmoil and Japanese crisis, have proved to be its undoing in the last 10 odd trading sessions.
US crude oil futures jumped USD 2 a barrel after Thursday's settlement following a vote by the United Nations Security Council authorizing the imposition of a no-fly zone over Libya.
The Nifty ended below technical support level of 5375 ignoring positive cues from Asian markets, which ended trade on higher note, barring Straits Times. Nikkei topped the list with 2.7% gain. European markets too were trading in positive territory.
The Sensex shut shop at 17878.81 down 271.06 points or 1.49% and the Nifty closed at 5367.5 down 79.25 points or 1.46%. The Advance Decline ratio would also favor bears for the next week. About 1050 shares advanced, 1805 shares declined, and 515 shares remain unchanged.
The shares of Reliance Industries closed down Rs 38 or 3.71% to Rs 998 after the petroleum major told the oil regulator that gas production from its KG Basin block could be lower than earlier estimates, according to a report on indianpetro.com. The website is a news, information and market intelligence provider in the Indian oil & gas, power and fertilizer sectors.
The People's Bank Of China raised reserve requirement ratio for banks by 50 basis points on Friday. The Indian regulator RBI raised key policy rates by 25 basis points each on Thursday in its fight to tame inflation below 8% mark.
