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Sensex opens lower on weak global
May, 06th 2010

Markets opened in the negative territory Thursday as sentiments in global markets continued to remain bearish due to Europe economic concerns. Gains in PSU and pharma stocks were offset by losses by metals and IT stocks.

Waiting on the sidelines may have spared many investors the wild swings of recent days. The Greek storm continues to rattle world markets. Risk appetite has tumbled and will take a while to recover. Public protests are mounting in Greece, stoking concerns whether it will be able to attain the proposed cuts in budget deficit.

Other members of PIIGS like Spain and Portugal are staring at further downgrades. The idea of EU as a unified bloc and euro as common currency has taken a beating. Lets hope the crisis subsides sooner than later.

We expect some more trepidation at start today. Things might stabilise later, especially if global markets rebound. Global sentiment could improve if US monthly jobs data turns out to be strong. As of now, taking a decisive call is best postponed, though one may dabble with few counters for long-term purpose.

Technically, the NSE Nifty has support at 5000 though a break below 200-day DMA of 4950 could potentially drag it down further. Resistance is seen around 5300, said India Infoline report.

At 9:06 am, Bombay Stock Exchanges Sensex was at 17029.05, down 58.91 points or 0.34 per cent. The index touched a low of 16999.53 and high of 17080.47 in opening trade.

National Stock Exchanges Nifty was at 5110, down 14.90 points or 0.29 per cent. The broader index touched a low of 5092.25 and high of 5124.90.

BSE Midcap Index was up 0.07 per cent and BSE Smallcap Index gained 0.26 per cent.

The US markets ended on a lower note on fears that debt crisis could spread to other European countries. The Dow Jones industrial ended 0.54 per cent lower, the Standard & Poor's 500 Index fell 0.66 per cent and the Nasdaq Composite Index declined 0.91 per cent.

Asian markets also followed suit. Shanghai Composite slipped 1.67 per cent and Seoul Composite declined 1.98 per cent. Nikkei 225, which opened after a long week-end, was down over 3 per cent.

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