Markets remain under the influence of bears The markets opened with a downgap this morning on the back of weak global
Markets remain under the influence of bears The markets opened with a downgap this morning on the back of weak global cues and continued to drift lower through the day. While the Sensex was down 951.03 points or 6.03% at 14809.49, the Nifty was down 242.70 points or 5.11% to close at 4503.10. The broad market indices underperformed the benchmark indices as the BSE Midcap and Smallcap indices closed 6.97% and 6.90% lower respectively. The market breadth was negative, as A/D ratio was 1:9 on the BSE. NSE cash turnover was Rs.12,925.87crs Vs. Rs.13587.88cr on Friday.
Sectorally, it was a sea of red. The BSE Bankex and Consumer Durables indices lost in excess of 9% followed by the BSE Metal and Realty indices that lost more than 7%. There were no gainers in the BSE-30 pack. The top losers included ICICI Bank, Jaiprakash Associates, HDFC, Hindalco and Rel Energy.
Markets seems to be more under the influence of fear rather than intense selling pressure. While the trend continues to remain undoubtedly down, with the Nifty approaching the Jan lows of 4448.5, there could be a possibility of a pullback rally emerging. We nevertheless continue with our strategy of going slow on positional long term investments till we see signs of a confirmed sustainable uptrend. Short term trading positions can be built to take advantage of any short term swings.
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