MTECHTIPS

MTECHTIPS:-Technical Snapshot:
The Nifty futures  opened  on a flat note,  the markets witnessed a choppy session till afternoon, but dipped sharply in the afternoon to trade with losses. Frontline equity indices settled on a negative note with cuts of around three fourth of a percent. After showing signs of consolidation for most part of the morning trades, despite the over seven percent collapse in IT bellwether Wipro post its disappointing quarterly earnings numbers, the markets took a turn for the worse in late morning trades.The wave of selling pressure hit the shores of domestic markets after global credit rating agency S&P threatened to downgrade the sovereign bond rating of India and revised its economic outlook to negative from stable, citing slow progress on its fiscal situation, as well as deteriorating economic indicators. Sentiments went awry after the reports surfaced as investors took to across the board position squaring as the lowered outlook jeopardizes India's longterm rating of BBB-, which is the lowest investment grade rating. However, the markets soon recovered after finance ministry officials reacted to the reports saying that the rating outlook change was not unanticipated and the revision will not impact capital inflows and India continues to remain an attractive investment destination.
The markets fell on strong volumes of over Rs 2.32 lakh crore while the turnover for NSE F&O segment remained on the higher side as compared to that on Tuesday at over Rs 1.98 lakh crore.