Rangebound Movement Expected – Vishwas Agarwal

After touching a new high at the opening time on Thursday, the BSE Sensex closed the session at 14,861.89 after losing 18.35 points, whereas the broad based NSE Nifty ended the day at 4,353.95, down by marginal 5.35 points.

Vishwas Agarwal said the stock market once again broke down to reach the psychological 15,000 mark. Conservative buying and selling of stocks could take place in the nest trading session, but the same is likely to carry on.

Mr. Agarwal added that markets still are in bulls grip.

On the other hand, Asian stock markets also slumped for the first time in the last seven trading days in the initial trading sessions today. The markets fall on worries that the increasing rate of interest will lessen consumer spending and thus, unfavorably affect the business earnings.

Japanese stock index, Nikkei, missed 113.98 points to 18,107.50. South Korea’s KOSPI benefited 10.16 points to trade at 18,57.95.

Yesterday, the US market traded on a mixed note as stronger than expected economic data have encouraged the investor’s expectations. While, NASDAQ Composite Index closed at 2656.65 after making a profit of 11.70 points. The Dow Jones Industrial Average ended the day at 13,565, down 11.46 points.

Oil and gasoline prices climbed on Thursday on the back of fresh violence in Nigeria. Light, sweet crude for next month delivery arose 40 cents, to settle at USD 71.81 per barrel on the NYMEX.