Sensex and Nifty fall as Midcaps Pullback

The Sensex and Nifty fell for second consecutive day as mid caps had a pullback after a carnage the last few days. The Sensex ended 68 points lower at 18665 and Nifty ended 23 points lower at 5519. Though the front line indices are trading at 5500 the midcaps are trading at much below the 5500 levels. In the large cap space though there was pullback seen in beaten down sectors like the PSU banks, metals and Oil & Gas the losses came in from IT and autos. Tata motors had a 3% cut after its modest Q1 numbers. The heavily beaten down trader's favorite midcap stocks had a dead cat bounce with stocks up anywhere between 5% and 20%.  

The Rupee had a one more rough day losing 52ps and ended at 61.30, the lowest ever close for the partially convertible currency. The euphoria that prevailed in the last half hour of yesterday failed to hold this morning as reality resurfaced. In the commodity space Gold fell about 1.5% after the metal cracked overnight.