Markets sell-off from the highs of the day. The markets opened on a strong note on the back of the Fed announcement of a 75 basis points cut in its key Fed Funds Rate to 2.25%. However, Indian markets could not hold on to the early morning gains and gradually slided down to close with decent gains. While the Sensex was up 161.37 points or 1.09% at 14994.83, the Nifty was up 40.95 points or 0.90% to close at 4573.95. The broadmarket indices underperformed the benchmark indices as the BSE Midcap and Smallcap index lost 1.16% and 1.94% respectively. The market breadth was negative, as A/D ratio was 1:2.5 on the BSE. NSE cash turnover was Rs. 13948.35cr vs Rs.15170.87cr yesterday.
Sectorally, barring the BSE Power, Realty and Consumer Durables indices, all the sectoral indices ended higher. The BSE IT index was the star performer as it surged in excess of 2%. Gainers from the BSE-30 included Satyam, Tata Motors, Wipro and M&M. The top losers were Hindalco, HUL, DLF and Rel Energy.
The bears continue to have a hold on the market as the positive global cues failed to sustain the markets at higher levels. We 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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