Stock market analyst, Vishwas Agarwal stated that on the Bombay Stock Exchange (BSE) above 13,350, some trading upmoves up to 13,876 level, will be expected only on positive news from Fed meet in US.

If any encouraging news will emerge of this meeting, investors can expect short covering to happen after 2,000 points drop, but this relief recovery cannot be considered as a come back of bull trend, it’s just a relief recovery.

The Sensex continued its negative journey in today’s session (Sep 17) because of heavy selling activity seen across FMCG, metal and banking stocks, while selective buying action was witnessed in IT, auto and real estate segments.

Today, the 30-share index, BSE Sensex opened at 13,620.74, up 101.94 points, as against its last closure at 13,518.80, down 12.47 points on Tuesday (Sep 16).

At 11:04 a.m., the BSE Sensex stood at 13,386.26, down 132.54 points, after hitting a high of 13,620.74 and a low of 13,329.98.

Friday saw the Sensex falling more than 2% mainly due to decline of IT stocks. The fall is surprising, considering the rupee is depreciating against the dollar.

When the rupee weakened and closed at 45.72 to the dollar, BSE IT became the biggest index loser on Friday as it saw a fall of 4.60 per cent.

Mr Gaurav Dua, Head of Research, Sharekhan Ltd, reported, “It is the rupee’s recent appreciation against the euro and the pound which will have a negative impact on the Indian GAAP numbers of IT companies. To make matters worse, the US dollar has been appreciating against the euro and the pound, and when revenues billed in these currencies are consolidated under US GAAP, they will show a dip.”

The mood was extremely bearish on Indian stock exchanges in today’s session. Heavy selling action was witnessed across midcap and smallcap sectors. Both fell over 5% each.

Today, the 30-share index, BSE Sensex opened at 13,666.28, down 334.53 points, as against its last closure at 14,000.81, down 483.02 points, on Friday (Sep 12).

All stocks have been hammered since morning. Realty sector, which plunged more than 7%, was among the worst hit. On the other hand, IT, power and banking stocks plunged 7.29%, 6.85% and 6.15% respectively.

At 12.05 p.m., the 30-share index Sensex stood at 13,256.46, down 744.35 points, after hitting a high of 13,666.28 and a low of 13,150.81.

After opening with a gain of 107.79 points at 14,432.08, the 30-share index, BSE Sensex went down on account of heavy selling action witnessed in IT, real estate and banking stocks.

BSE Midcap and Smallcap lost 0.73% and 0.41% respectively.

On Thursday (Sep 11), the Sensex marked its closure after losing 338.32 points, whereas the NSE Nifty fell by 109.95 points.

The benchmark index Sensex declined further into the depressing zone as credit fears mounted in the Asian markets. Realty, oil & gas and power stocks witnessed heavy selling action.

Midcap and Smallcap index declined 0.70% and 0.51% respectively.

Today, the 30-share index, BSE Sensex opened at 14,557.33 after losing 105.28 points, as against its last closure at 14,662.61.

At 11.14 a.m., the 30-share index Sensex stood at 14,452.17, down 210.44 points, after hitting a high of 14,557.33 and a low of 14,452.17.

In the meantime, the broad based Nifty lost 79.70 points at 4,320.55, after touching a high of 4,399.30 and a low of 4,319.20. (11.14 a.m.)