Indian equities continued their negative journey on Wednesday (Sep 10), as discouraging news poured in from world markets.

Metal, power, realty and PSU stocks suffered heavy selling action.
Capital goods and bank stocks managed to find modest support at lower
levels.

IT stocks went up. Some auto, FMCG and pharma stocks gained on
selective buying support. Mid-cap and small-cap stocks lost their way
after a fairly steady start and closed the day with sharp losses.

The BSE Sensex closed at 14,662.61, down 238.15 points, after touching
an intra-day high of 14,866.32 and an intra-day low of 14,609.83, while
the broad-based NSE Nifty declined 68.45 points at 4,400.25 after
hitting an intra-day high of 4,467.50 and an intra-day low of 4,382.35.

The Indian curreny hit a 2-year low, breaking the psychological 45-mark
to the dollar in the process, spelling further bad news for the economy
as a whole.

While commenting on the market, stock market analyst Vishwas Agarwal
stated that below the 14,786 level the mood will be cautious in the
stock market.

Mr. Agarwal said, “News regarding possible lower inflation today may
give some relief to the banking sector. But I don`t feel it will
sustain the market for a long time.”

He also said that Reliance Industries lower than Rs 2,100 will indicate
a weaker indication for the whole market. Next 4-5 days are decisive as
well as watchful for the market until the market is below 14,786 level.

For any significant rally, market must cross and maintain 15,350 on the
Bombay Stock Exchange (BSE) and 4,567 on the National Stock Exchange
(NSE), until then market remains volatile with no major panic selling.