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Indian stock markets remained weak owing to Dubai debt crisis worries on Friday.

Huge selling pressure was witnessed across funds as well as sectors including real estate, banking and metals.

Sensex lost more than 500 points during the opening trade in reaction to Dubai's debt postponement that hurt investor response throughout the world and recorded a steep fall later hitting a low of 16,210.44.

But, the stock index shed the majority of its losses and made recovery from day's low to lastly end the day on a feeble note.

Equity markets were trading weak, mirroring a similar fall in global markets, after Dubai World asked creditors if it can delay its debt obligations until May.

Heavy selling pressure was witnessed across realty, banking, metal and consumer durable stocks.

BSE Midcap and Smallcap index plunged 2.46 percent and 2.64 percent respectively.

Dubai had collected $80 billion of arrears by escalating in banking, realty and transportation. S&P had assigned the ratings of four Dubai-based banking institutions on negative viewpoint owing to their exposure to Dubai World.

Stock market analysts are of the view that investors can buy Steel Authority of India Limited (SAIL) stock to achieve an intraday target between Rs 199-202.

According to them, investors can buy the stock above Rs 197 with a strict stop loss of Rs 194.


Shares of the company, on Tuesday (Nov 24), closed at Rs 194.05 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 195 and a low of Rs 58.80 on BSE.

Current EPS & P/E ratio of the stock stood at 12.84 & 15.40.

Recording a 0.6% rise, UK's top share index, FTSE moved into a positive territory, on the back of unexpected hikes in stocks, commodities and banking in particular. By 9 am, the index had surged by 30.65 points, to stand at 5298.35, a substantial rise from the closing figures recorded on Thursday, which were 5267.70.

Stock market analysts have maintained 'buy' rating on Pratibha Industries Ltd with an intraday target of Rs 270.

According to them, interested traders can purchase the stock above Rs 265 with a strict stop loss of Rs 256.

If the stock markets remain on the positive path then the stock price will hit a target above Rs 280.

Shares of the company, on Friday (Nov 20), closed at Rs 262.30 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 263.40 and a low of Rs 47.40 on BSE.