- The Indian markets fell sharply as a key ruling party ally withdrew support over the Sri Lankan Tamil issue, despite the RBI cutting rates. The Sensex plunged 285 points to close just above 19,000 and the Nifty tanked over 1.5% to below 5,750. - Several major companies saw their stock prices decline sharply, with Bharti Airtel falling 4.74% and Bharat Heavy Electricals down 5.05%. Real estate, capital goods and metals sectors were the top losers for the day. - Volatility increased as measured by the India VIX, which gained 5.43% to close at 16.71.

1. Markets tank 1.5% as Karuna ditches UPA; Subbarao fails to impress
Market Summary
19-Mar-2013
After yesterday’s fall triggered on Cyprus bailout that includes a controversial tax on bank deposits, markets started on
a positive note ahead of RBI policy. However the benchmarks suddenly crashed in late morning deals despite 25 bps
rate cut announced by RBI, as the Dravida Munnetra Kazhagam (DMK), a key UPA Govt ally, withdrew its support on
Lankan Tamil issue. Even Chidambaram’s assurance on government’s stability could not alter the sentiments much.
Nifty tanked over 1.5% to below 5750 levels. Sensex plunged 285 points to close just above 19000.
Delivering on widespread hopes, Reserve Bank of India (RBI) has cut repo rate by 25 basis point to 7.5% whereas
Cash Reserve Ratio (CRR) is kept unchanged as per monetary policy declaration today.
Bharti Airtel crashed 4.74% on BSE as the 2G trial court beckoned Sunil Mittal, chairman of the company.
State run, Steel Authority of India (SAIL) plunged 3.25% and touched fresh 52 week low at Rs 64.60 on BSE ahead of
its decision of floor price for Offer for Sale.
Sun Pharmaceutical had hit fresh 52 week high at Rs 848 and closed 0.74% up on BSE despite being downgraded by
Citigroup to “neutral” from “buy”.
ICICI Bank raised Rs 1100 crore through a 63 month bond sale. The stock closed 1.92% down on BSE. (News)
Mahindra & Mahindra Ltd launched an all-electric four seated passenger car named “e-20” at a price of Rs 5.96 lakhs.
The stock closed 3.45% down on BSE. (News)
Visa Steel had slipped 12.23% and hit 52 week low at Rs 35.60 on BSE after company announced a Joint Venture with
largest independent producer of metallurgical coke, Sun Coke Energy.
The market breadth on the BSE closed in negative. Advancing and declining stocks were 917 and 1945 respectively,
while 103 scrips remained unmoved.
The S&P BSE Sensex ended at 19008.10, down 285.10 points or 1.48%. The 30 share index touched a high and a
low of 19378.61 and 18939.47 respectively. 6 stocks advanced against 24 declining ones on the benchmark index.
The CNX Nifty lost 89.30 points or 1.53% to settle at 5745.95. The index touched high and low of 5863.60 and
5724.30 respectively. 7 stocks advanced against 42 declining ones on the index.
S&P BSE Sensex CNX Nifty
The S&P BSE Mid-cap index moved down to 6280.68 and lost 1.37% while S&P BSE Small-cap index hammered
down by 1.57% to 6041.78.
The broader S&P BSE 500 index decreased to 7185.87 (down 1.57%) and CNX 500 index declined to 4500.85 (down
1.57%).
The volatility as denoted by INDIA VIX gained 5.43% at 16.71 from its previous close of 15.85 on Monday.
Sectors in action
Real Estate (down 3.63%), Capital Goods (down 2.69%) and Metals (down 2.59%) were the top losers. There was no
gainer among BSE sectorial indices today.
The Angels and the Devils
GAIL (India) Ltd (up 1.96%), Bajaj Auto Ltd (up 1.17%), Sun Pharmaceutical Industries Ltd (up 0.74%), ITC Ltd (up
0.44%) and Maruti Suzuki India Ltd (up 0.16%) were the top gainers on the Sensex.
Bharat Heavy Electricals Ltd (down 5.05%), Bharti Airtel Ltd (down 4.74%), Sterlite Industries (India) Ltd (down
4.15%), Jindal Steel and Power Ltd (down 3.96%) and Mahindra and Mahindra Ltd (down 3.45%) were the top losers
on the Sensex.
Benchmark Drivers

2. Housing Development Finance Corporation Ltd (-42.42 points), ICICI Bank (-27.65 points), HDFC Bank (-27.39 points),
Larsen And Toubro Ltd (-26.15 points) and Bharti Airtel Ltd (-23.09 points) were the major Sensex drivers today.
On the other end Housing Development Finance Corporation Ltd (-10.78 points), HDFC Bank (-6.37 points), Larsen
And Toubro Ltd (-6.13 points), Bharti Airtel Ltd (-5.88 points) and ICICI Bank (-5.14 points) were the major Nifty movers
today.
Pivot, Supports and Resistance Levels
CNX Nifty is now pivoted at 5778 for next session. The next support is at 5692 and on upside it has a resistance at
5832 levels.
CNX Nifty
Eff. Date S3 S2 S1 PIVOT R1 R2 R3 Actual Close
20-Mar-2013 5553 5639 5692 5778 5832 5917 5971 -
19-Mar-2013 5780 5797 5816 5833 5852 5869 5888 5745.95
18-Mar-2013 5756 5808 5841 5893 5925 5978 6010 5835.25
S&P BSE Sensex has a pivot at 19109 with first level of support and resistance at 18839 and 19278 respectively.
S&P BSE Sensex
Eff. Date S3 S2 S1 PIVOT R1 R2 R3 Actual Close
20-Mar-2013 18400 18670 18839 19109 19278 19548 19717 -
19-Mar-2013 19122 19177 19235 19290 19348 19403 19462 19008.10
18-Mar-2013 19026 19205 19316 19495 19606 19785 19896 19293.20
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