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MARKET COMMENT : Sensex Likely Down, 19,200 Support - Dealer

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02/22/2013 | 04:46am CEST

0330 GMT [Dow Jones] The Sensex is likely to open lower on negative cues from most regional markets following weak economic data from Europe and as investor mood remains cautious ahead of the crucial annual budget announcement at the month-end, say dealers. "The benchmark is called to start 35-50 points lower, led by selling by domestic institutions in banks and select consumer names," says a dealer. He adds, the index closed near its intraday low last session and a falling local currency against the U.S. dollar will further weigh on trade. He tips the Sensex to find immediate support at 19,200. Another market dealer says short-covering after a sharp sell-off Thursday and foreign fund inflows--they purchased stocks worth a provisional INR12.14 billion--will support and limit a sharp fall. The Sensex ended down 1.6% at 19,325.36 Thursday--its biggest single-day loss in about seven months. ([email protected])

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