Market Update: The 50 share index NSE Nifty closed at 9285 levels down by 74 while 30 share index BSE Sensex closed lower by 267 points at 29858 levels in Friday’s trading session. India VIX closed at 11.94 levels higher by 5.4%. Overall, there were 418 advances, 1246 declines and 289 unchanged stocks on NSE reflecting strong negative bias floating in the markets.
Stock Markets decline on global cues and profit taking, Nifty gives up 9,300 and the Sensex slides 260 points. PSU banks contribute most to the fall after the government announces its bad loan ordinance. Expert said for the next week to the market is likely to trade sideways because the market closed at the lower end of the band but as long as 9250 holds on still there is hope. The hope is also based on the reaction to the news (banking ordinance), PSU banks and banks haven’t sold off but the Bank Nifty is down only 135 points, which tells you that the banking rally may not be done. Moreover, if Reliance too starts coming back from its 50-day moving average then Nifty50 could again go to 9350.