Indian Market Report 6th - 7th March 2008
Markets expected to open gap down & show further weakness on the back of negative global cues
Wednesday appeared to be a good session for the Indian markets as the BSE Sensex closed at 16542, up by 1.2% over Tuesday's close. After opening up at 4858.95, the Nifty remained weak & volatile before it bounced back from the lows of 4848.3 to make an intra-day high of 4934.4, before closing at 4921.4, up by 1.2% over Tuesday's close. The NSE cash turnover stood at Rs. 12087 crores in comparison to Rs. 14486 crores on Tuesday. The market breadth was negative on BSE with the advance-decline ratio of close to 0.4:1. Among the sectoral indices, IT & FMCG were the outperformers, which increased by 3.8% & 2.9% respectively. However, the Banks & Realty indices were the top losers, which decreased by 1.6% each.
On Thursday, the US markets corrected sharply amid credit concerns. Dow Jones closing down by 1.8%, while Nasdaq composite closed down by 2.3%. The Indian ADRs ended deep in the red with Infosys Wipro & Satyam decreasing by 3%, 5% & 3.9% respectively. ICICI & HDFC Bank decreased by 4% & 5.4% respectively. Even Tata Communications & MTNL were down by 3.4% & 3.9% respectively. Among the Latin American markets, the Mexican market closed down by 1.9%, while the Brazilian Bovespa closed down by 2.6%. The Metal prices were up with Aluminium & Copper increasing by 3.8% & 5.8% respectively, while Zinc & Nickel increased by 5.5% each. The light crude oil for April increased by 0.9% to settle at $105.47 a barrel. The Asian markets are trading in red with Nikkei index trading down by 2.8%. Hang Seng & Singapore Strait indices are trading down by 3.2% & 2% respectively.
On Tuesday, the FIIs were net sellers of Rs. 473 crores in the cash markets, while they were net buyers of 910 crores in the F&O markets. Mutual funds were net sellers of Rs. 152 crores. As per the provisional figures, FIIs were net sellers of Rs. 285 crores in the cash market on Wednesday, while they were net buyers of Rs. 605 crores in the F&O markets.
Today, we expect the Markets to open gap down & show further weakness on the back of negative global cues.
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