10276 CONTINUES TO BE CRUCIAL SUPPORT; 10500 IMMEDIATE HURDLE

10276 CONTINUES TO BE CRUCIAL SUPPORT; 10500 IMMEDIATE HURDLE

WORLD MARKETS

Dow and S & P 500 tumbled 1% and 0.6% respectively, breaking six-day winning streak, pressured by a steep decline in Walmart shares and a rise in interest rate. Nasdaq fell 0.1%.

Walmart nosedived 10.2% in its biggest decline since 1988, after reporting lower-than-expected earnings.

The benchmark 10-year U.S. note yield rose to 2.886% while two-year yield traded around a nine-year high.

US crude rose 22 cents to $61.90 but Brent fell 45 cents to $65.22 a barrel.

In Europe, except a flat FTSE, other markets gained 0.5%-0.9%.

AT HOME

Benchmark indices ended lower by a fifth of a percent. Sensex lost 71 points to settle at 33704 while Nifty finished at 10360, down 18 points. BSE mid-cap and small-cap indices fell 0.1% and 0.2% respectively. BSE Consumer Durables and Metal indices gained the most among the sectoral indices, putting on 1.7% and 1.2% respectively while Realty index and Bankex were the top losers, down by 0.6% each.

FIIs net sold stocks and index futures worth Rs 850 cr and 1832 cr respectively but net bought stock futures worth Rs 1012 cr. DIIs were net buyers to the tune of Rs 1437 cr.

Rupee depreciated 58 paise to end at 64.79/$.

OUTLOOK

Today morning, Asian markets are trading flat to modestly higher and SGX Nifty is suggesting about 30 points higher start for our market.

As mentioned in yesterday's report, 10276, the bottom made on 6th February, continues to be crucial support to eye, a decisive breach of which can lead to next leg of correction and 200 DMA, placed around 10080, would be the next major support if that happens.

10500 continues to be immediate hurdle on the hourly chart, a crossover of which is required for a fresh upmove.