Thursday, December 6, 2012

Unpredictable Nifty's U-Turn!

With UPA winning the FDI vote in Lok Sabha, stock market experts and traders had predicted that Nifty should breach the 6000 level on Thursday December 6. However, Nifty took a U-Turn and opened 43 points low in the opening trade at 5857.

IT shares and profit booking were the main reasons hurting the Market; Infosys, TCS pulled market down after their shares fell 2.1% and 2% respectively. Shares of retail firms Pantaloon and Shopper's stop gained in the early trading session to fall later. Pantaloon had gained substantially after the Bill to allow FDI in retail was passed and it was the top traded stock in early trade.

Market stayed volatile through the day with Nifty hovering below 5870 mark. Experts had expected Nifty to scale up as the Govt's win indicates a boost to the reforms and market sentiment. Despite given political positivity, Nifty failed to scale up and once again proved that Nifty is Unpredictable and  a trader should take Market volatility in stride!

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