Nifty trades below 5,000, Rupee woes continue

Markets continue to trade lower as the Sensex is down 74.5 points to 16,364 while the Nifty is down 23 points to 4,967, below the psychological 5,000 mark. The market breadth continues to remain negative. On the BSE, 1514 stocks have declined while 1,017 stocks advanced. Among sectoral indices, autos continue to be the biggest losers followed by bankex and realty.

On the global front, European stock markets fell sharply as Spanish stocks tumbled and bond yields surged after the country’s debt was pushed further into junk late the prior day.

[caption id=“attachment_325994” align=“alignleft” width=“380” caption=“Rupee was at day’s low of 56.20 from 55.67/68 last close as traders continue to play on euro weakness, stock losses. Reuters”] [/caption]

Rupee was at day’s low of 56.20 from 55.67/68 last close as traders continued to play on euro weakness, stock losses. Dealers with a private bank say rupee may move toward life low of 56.40 in this session, but unlikely to breach it, as per Reuters.

The market may remain volatile in the immediate future as traders roll over positions from the near-month May 2012 series to June 2012 series. The May 2012 derivatives contracts expire on Thursday, 31 May 2012.

Jitendra Panda, HD, sales broking, Future Capital, said he expects May F&O series to expiry a little above 5,000 levels or closer to that on Thursday.

Stock specific news :

•M&M gains 0.85 percent after Q4 net profit is at Rs 874 cr vs CNBC-TV18 poll of Rs 600 cr.

•Shipping Corporation of India tumbled 4.5 percent after the company reported net loss of Rs 355.85 crore in Q4 March 2012

•GMR Infrastructure falls 3 percent to Rs 20.10 after the company reported consolidated net loss of Rs 366.16 crore in Q4 March 2012.

•Havells India falls 1.9 percent after Q4 net profit comes in at Rs 91.5 cr Vs CNBC-TV18 poll of Rs 95 cr

•Rajesh Exports Q4 net profit at Rs 90 cr vs Rs 51 cr (YoY); stock gains 2 percent at Rs 144.7 per share.