Indian Markets on 4th March 2008
Weakness continues
The markets slipped into negative territory soon after opening and remained weak through the day. Though they recovered in the afternoon session, it was not sustainable and the markets finally ended in the red. While the Sensex closed 337.99 points or 2.03% lower at 16,339.89, the Nifty lost 88.75 points or 1.79% to close at 4864.25. Broadmarket indices underperformed the frontline indices as the BSE Midcap and Smallcap indices lost 2.48% and 3.09% respectively. The market breadth was pathetic, as A/D ratio was 1:5 on the BSE. NSE cash turnover was Rs.14486.30cr vs. Rs. 12754.20cr yesterday.
Barring the BSE Auto and Metal indices that gained 0.23% and 0.22% respectively, all the sectoral indices ended lower. The BSE Realty was the worst hit as it lost 5.43%. It was followed by the BSE Bankex that lost 4%. Gainers from the index pivotals included Hindalco, Maruti Suzuki, M&M and HDFC. Major losers from the BSE-30 included ICICI Bank, ACC, DLF, Rel Comm and Cipla.
The bears remain in control as the markets continue to drift lower. The Nifty has however closed near the strong supports of 4800, which opens the possibility of a pull back rally. Traders entering into long positions to take advantage of any pullback rally need to enter these positions with a short term perspective as the underlying trend continues to remain down.
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