India Stocks: Dn 3% on sharp fall in overseas mkts; Cairn India up

[K.Karthik Raja]

India Stocks: Dn 3% on sharp fall in overseas mkts; Cairn India up
Monday, Jun 9
MUMBAI - Sharp fall in overseas markets following unexpected surge
in the US
unemployment rate and a steep rise in crude oil prices saw local share
indices
fall nearly 3% today.
Outlook for the market continues to be bleak on negative global
and local
factors
They see some recovery in share indices only on account of short
covering.
At 10:15AM, Bombay Stock Exchange's 30-share Sensex was at
15111.49, down
462.91 points or 3%.
National Stock Exchange's 50-share Nifty was at 4493.50, down
132.80 points
or 2.8%.
CNX Midcap Index and S&P CNX 500 Index fell nearly 4% each.
On BSE, declines outnumbered advances 8.5:1.
Technical analysts see the possibility of Nifty testing the Jan 22
low of
4448.50 today.
"Nifty will touch January lows, the only question is that whether
it will be
today or by tomorrow (Tuesday)," said Gurudatta Dhanokar, technical
analyst,
Almondz Global Securities.
He expects Nifty to find support at 4475, cracking which it could
fall to
4420.
"After 4420 is breached, a panic bottom will get pressed,"
Dhanokar said.
All BSE and NSE sector indices were in the red, with the high-beta
BSE
realty sector, down nearly 6%, being the worst hit. BSE power index
was the
other major laggard, down 4%.
Unitech, down 6.5% at 191 rupees, was the worst hit on Nifty. DLF
fell 5%
to 493 rupees, sliding below its issue price of 525 rupees.
Bharat Petroleum Corp was down nearly 6% at 284 rupees, and
Siemens fell
about 6% to 491 rupees. Tata Motors was down 5% at 514 rupees.
Cairn India, up 4% at 297 rupees, was a rare gainer on Nifty. The
company
will benefit from the surge in crude oil prices that touched a record
high of
$139.12 a barrel on NYMEX Friday.
Sun Pharmaceuticals, up 1% at 1,442 rupees, was the other rare
Nifty gainer
on some defensive buying
End