Rising crude overwhelms Nifty

The market rebounded on a highly positive note after its heavy sell-off last Friday.

Market sentiments turned more bearish,sidelining the global positiveness as pivotals weakened over rising crude prices impacted by airstrike over Libya pulling the benchmark S&P CNX-Nifty Index moderately at the National Stock Exchange (NSE) here today.

The 50-share index oscillated between 5,413.30 and 5,348.20 before concluding at 5,364.75,down by 8.95 points,or 0.17 per cent,from its last close.

The market rebounded on a highly positive note after its heavy sell-off last Friday,well supported by the global bullishness on the back of hectic short-covering and low level buying activity. But,soon it ran out steam on sustained profit-booking on technology and oil&gas space.

The market overcoming its initial volatility bounced-back to trade in a tight range for most part of the day before closing in red.

“Fear of further rate hike on the back of rising crude,amid inflationary pressure is pulling down the market,though we some-how showed resilience to Japan’s devastation,” traders said.

Ranbaxy,Hindalco,Ambuja Cements,R Power,Maruti,Hero Honda,Wipro,Cipla,RCom and Hindunilever were the top losers from the Nifty.

However,Sail,Jindal Steel,Sun Pharma,M&M,Suzlon,Dr Reddy’s,Sterlite Industries,HDFC,DLF and Axis Bank made good gains.

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Total turnover declined to Rs 8,290.89 crore from Rs 10,607 crore on Friday. A total of 4,378.57 lakh shares changed hands in 45,95,370 trades. The market capitalisation stood at Rs 62,65,409 crore.