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Bad Global news still Nifty closed above 4980

Sensex closed at 16789, down 219 points and Nifty is at 4988, down 75 points from the previous close. CNX Midcap index was down 1.74% and BSE Smallcap index was down 1.96%. The market breadth was negative with advances at 279 against declines of 994 on the NSE. Top Nifty gainers included HCL Technologies, HUL and ITC while losers were JP Associates, Unitech and DLF.

Market not responding towards good results but ready to slide for bad results in these two days.As per over view only telecom stocks like Bharti and FMCG companies stayed in green.Offloading by Galleon Group,hedge funds continued today also.