Sensex fails to hold on to 10000

The season of bad news seems to be far from over.

In the US, the unemployment rate for October rose 40 basis points over the previous month to a 14-year high of 6.5%. In the past couple of months, 5.2 lakh works have been laid off, the biggest two-month job cuts since 2001. 

Back home, equity benchmarks rallied over 2% on Friday, but on thin volumes, reflecting the cautious mood among investors. The 30-share Sensex ended the day at 9,964.29, up 230.07 points, or 2.4%, over the previous close, after having touched a high of 10,065.37 intra-day. 

Combined traded turnover on both exchanges was around Rs 48,000 crore. This is the third time this week that it has been less than Rs 50,000 crore. The upswing on low volumes indicates that stock prices rose in the absence of any major selling pressure. 

Though Sensex rose a bit higher to 10000 but failed to hold on to there or rose further.But it has been estimated that sensex will get stabilise at 10000 and not below in 2 weeks.