The MSCI Asia Pacific Index fell 0.1% to 132.96, with about two stocks declining against each that rose. The Nikkei225 plunged by 0.29% at 9421.59. The Japanese market declined after reports came in stating the country"s economy shrank by 3.5% during the first quarter, which is more than economists" expectations.
The Shanghai Composite and Hang Seng declined by 0.34% at 2,740.93 and 0.54% at 22,539.85, respectively. Further, the Taiwan Weighted advanced by 0.07%, whereas the Seoul Composite declined by 0.13%. In the domestic arena, the markets are likely to follow the route of global counterpart and trade on a narrow range with negative bias. The Banking, Oil&Gas, Metal, Auto and FMCG space will be in focus during today"s trade.
Today, Nifty will face a resistance near 5,580 level and will have a support near the 5,480 mark.
On Wednesday, the domestic bourses ended on a bearish note as the benchmarks were seen giving up more than 0.50%, amidst selling pressure across the sectors. After witnessing a gap down opening, the benchmark indices were seen paring off the losses and started inching towards the baseline.
Despite of few desperate attempts to move above the baseline, the broader indices failed to do so and post mid-session a fresh bout of sell off took the market to the lowest point of the session. However, the final couple of hours witnessed a narrow rangebound movement. The banking major SBI gave up 1.015 during today"s trade, pulling the market down. Sensex major Reliance Industries also faced selling pressure and closed 0.93% lower.
Statement from the Finance secretary Sunil Mitra, that meeting revenue targets for the current fiscal will be difficult to achieve for the government, had further weakened the market mood.
The BSE Sensex closed at 18,394.29 down by 101.33 points or by 0.55% and the NSE Nifty closed at 5,526.85, lower by 29.30 points or by 0.53%. The BSE Midcap was at 6,929.61 down by 2.16 points or by 0.03%, whereas the BSE SmallCap closed at 8,319.5 up by 13.13 points or by 0.16%. The BSE Sensex touched intraday high of 18,505.10 and intraday low of 18,365.94.
On Wednesday, the U.S. markets closed on a downbeat note as the benchmarks continued to feel the pressure from the concerns over the slowdown in the economic growth. The World Bank"s reduction in forecast for the 2011 US economic growth from 3.8% to 3.2%, has also weighed on the sentiment. Further, in the European front, France and Germany reported sharp plunge in their total trade balances for the month of April.
Besides, the Fed's latest Beige Book which was largely awaited during the session, has indicated that despite the economic expansion continued since the previous report, many districts in America experienced decline in growth. Financials and tech stocks were the major market draggers during the session declining by 0.9% and 0.8%, respectively.
In the major indices, the Dow Jones Industrial Average (DJIA) closed with a loss of 21.87 or 0.18% at 12,048.94 while NASDAQ index finished down by 26.18 points or 0.97% to 2,675.38. The S&P 500 (SPX) closed lower by 5.38 points or 0.42% to 1,279.56.
The FIIs on Wednesday stood as net buyer in both equity and debt. Gross equity purchased stood at Rs. 2012.70 crore and gross debt purchased stood at Rs. 1392.30 crore, while the gross equity sold stood at Rs. 1976.40 crore and gross debt sold stood at Rs. 549.20 crore. Therefore, the net investment of equity and debt reported were Rs. 36.30 crore and Rs. 843.10 crore, respectively.
Top traded volumes on NSE Nifty -Reliance Communications 9780515, ITC 6050391, Hindalco Industries, 6020295, ONGC 5724664 and Sterlite Industries 3615898.
On BSE, total number of shares traded was 24.77 crore and total turnover stood at Rs. 2602.06 crore. On NSE, total number of shares traded was 51.29 crore and total turnover stood at Rs. 8900.53 crore.
In the NSE Futures and Options segment, total number of contracts traded in index futures was 332610 with a total turnover of Rs. 8553.36 crore. Along with this total number of contracts traded in stock futures were 427653 with a total turnover of Rs. 10640.97 crore. Total numbers of contracts for index options were 1695758 with a total turnover of Rs. 47347.92 crore and total number of contracts for stock options was 86830 with a total turnover of Rs. 2164.45 crore.