By Bharti NavlaniMUMBAI (Commodity Online): The 50-share S&P CNX Nifty at the NSE opened at 5828 near to its high but was not able to sustain and gradually declined, then made an intraday low of 5690 and closed 48 points down at 5752.
Nifty is expected to rise in coming days only if 5690 level is not broken with the resistance in up move near around 5950 and the next is 6015.
European markets are trading positive, DAX index in Germany trading up by 130 points and CAC index in France is down by 6 points, FTSE index in London is up by 14 points. Asian markets closed Negative, Shanghai Composite in China closed down by 26 points, Nikkei closed down by 40 points and Taiwan closed down by 38 points.
Investigations into the housing loan scam have revealed that the amount sanctioned through the syndicate of top bankers, LIC Housing Finance officials and private firms to real estate firms was worth Rs 42,750 crore. Of this amount, Rs 2,000 crore were given to dubious firms that did not fulfill the eligibility criteria for seeking loans like title deeds of land — for launching housing projects. The sanctioned loan amount in certain cases was, however, invested in the stock market with a motive of profiteering from public funds, CBI sources said, adding that the quantum of such misuse could be ascertained after analysis of the documents seized by the agency during searches.
The sources said one Suresh Gattani, a close associate of Money Matters CEO Rajesh Sharma, was said to be the mastermind behind the scam. He allegedly acted as an intermediary between the real estate firms and the PSU bank officials with a view to fixing up the deals for disbursal of housing loans. Both were arrested by the CBI on Wednesday.
NSE's volatility index, India VIX, a gauge of traders' perception of near-term risks in the market based on options prices, was up 4.39% at 22.58. India VIX is a measure of the market's expectation of volatility over the next 30 calendar days.
The market breadth, indicating the health of the market was positive. On NSE, 154 shares advanced while 1267 shares declined. A total of 10 shares remained unchanged.
Among the 50-share S&P CNX Nifty pack, 15 scrips advanced while the rest declined. Jp Assosciate down 7.42%, Relinfra down 6.79%, cairn down 5.57%, edged lower from the Nifty pack.
Sail up 3.5%, Cipla up 2.38%, TCS up 2.37%, edged higher from the Nifty pack.
All sectoral indices were in red. Even today Realty sector was the top looser on stock exchanges lead my other sectors like Capital goods, Metal, Power, Oil and Gas.
The volume chart at NSE was led by SBI with turnover of Rs. 116125.41 lakh. It was followed by LIC Housing Rs. 108829.27 lakh and then Reliance Rs. 68003.27 lakh.
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