Technical glitch topples stock prices

MUMBAI: Stock markets are again heading for a downfall. But this time, it is happening neither because of any negative future guidance given by companies nor because of any 'stock-breaking' announcement from the Finance Minister. This time this role has been played by technology itself. The sensex fell from 5118 to 5075, down 43 points and Nifty from 1618 to 1600, down 18 points on Tuesday due to technical correction. Both the stocks have been going on with technical corrections, which are expected to be over soon and the markets would continue their bullish trend.

The current round of correction is to continue today and tomorrow too. Market analysts expect, from current levels, a fall of around 50 points in the Nifty and of around 150 points in the sensex during this correction.

Analysts pointed out that some companies are yet to announce their annual results and in case of good results from these companies, there might be some flare up in stocks. The market breadth continues to be negative today also. The Sensex went further down 14.74 points at 5061.14, and Nifty down 8.10 points at 1592.65 in the morning.

Buying interest however is seen in the technology stocks following positive cues from the global markets. The BSE IT Index was up at 1920.29 as most of the frontline as well as the second run technology shares have firmed up. The weakness in the rupee against the dollar is also aiding the sentiment towards these shares. The sensex finally closed at 5070, down 5.5 points and Nifty at 1594, down 6.6 points.