A morning walk down Dalal Street | Trend still favours bears, next crucial level to watch out for is 11,100
Episode 1497, Jul 30, 2019, 01:30 AM
Indian markets witnessed Monday blues! The S&P BSE Sensex saw a drop of nearly 200 points while the Nifty50 slipped below 11200 levels.
Weak Asian markets combined with continuous outflow of the foreign fund as well as muted corporate results weighed on sentiment. However, in yesterday's trading session fall in auto stocks led the decline. All eyes will be on July auto sales numbers which will be out on Thursday.
The Nifty has reached closer to its crucial support zone of 11,100. Analysts advise caution and wait for either a breakout above 11400-11500 or a breakdown below 11,140 before initiating fresh positions.
Among specific stocks, more than 400 stocks on the BSE hit a fresh 52-week low which include names liek Bajaj Auto, Tata Steel, Tata Motors, Maruti Suzuki India, Hero MotoCorp, Ashok Leyland etc. amomg others.
In the primary market, the initial public offer of mobile marketing firm Affle India was subscribed 28 per cent on the first day of bidding on Monday. The IPO to raise Rs 459 crore, received bids for 9,42,260 shares against the total issue size of 33,78,021 shares as per the NSE data.
In the currency market, the rupee recovered the lost ground and finally settled 14 paise higher at 68.75 against the US dollar on Monday amid easing crude oil prices.