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MTECHTIPS;-Technical Snapshot:
The Nifty futures opened flat to negative, and the index slipped from its intraday highs to close the day with sharp cuts. A day after witnessing the dead cat bounce, it turned out to be carnage across the Dalal Street on Tuesday as investors grew increasingly pessimistic amid increasing uncertainty over the market outlook.The frontline indices gained steam in late morning trades and pared most of their losses to come in close proximity with the previous closing levels. However, nervous market participants resorted to ruthless across the board profit booking following the disappointing start for European stock markets as the uncertainty over European
debt trouble was far from over since Greek leaders were busy in cross-party talks to form a government, and with slim chances for a coalition, a new set of elections is likely. Investors again turned jittery as the anemic rupee slipped back to 53 against the US dollar despite the Finance Minister deferring GAAR by a year and the
central bank’s surprise open market operation (OMO) purchase auction of bonds for Rs 12,000 crore on Monday.Heavyweight software and technology exporters like Infosys, TCS, HCL Tech and Wipro traded on a somber note pressuring the frontline gauges after Cognizant announced its quarterly earnings and stunned the markets by lowering its 2012 revenue guidance by 3% to 20% at $7.34 billion from an earlier 23%.
The Nifty futures opened flat to negative, and the index slipped from its intraday highs to close the day with sharp cuts. A day after witnessing the dead cat bounce, it turned out to be carnage across the Dalal Street on Tuesday as investors grew increasingly pessimistic amid increasing uncertainty over the market outlook.The frontline indices gained steam in late morning trades and pared most of their losses to come in close proximity with the previous closing levels. However, nervous market participants resorted to ruthless across the board profit booking following the disappointing start for European stock markets as the uncertainty over European
debt trouble was far from over since Greek leaders were busy in cross-party talks to form a government, and with slim chances for a coalition, a new set of elections is likely. Investors again turned jittery as the anemic rupee slipped back to 53 against the US dollar despite the Finance Minister deferring GAAR by a year and the
central bank’s surprise open market operation (OMO) purchase auction of bonds for Rs 12,000 crore on Monday.Heavyweight software and technology exporters like Infosys, TCS, HCL Tech and Wipro traded on a somber note pressuring the frontline gauges after Cognizant announced its quarterly earnings and stunned the markets by lowering its 2012 revenue guidance by 3% to 20% at $7.34 billion from an earlier 23%.
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