08 May 2008 | 18:53
Markets end lower on the back of weak global cues and spiraling crude prices
The markets opened lower this morning on the back of negative global cues and traded in a range thereafter to finally end in the red. While the Sensex was down 258.66 points or 1.49% at 17,080.65, the Nifty was down 53.8 points or 1.05% to close at 5081.70. The broadmarket indices also ended lower but to a lesser extent. The BSE Midcap and Smallcap indices ended 0.67% and 0.44% lower respectively. The market breadth was negative, as A/D ratio was 2:3 on the BSE. NSE cash turnover was Rs. 12,712.35 cr vs Rs. 14,457.16 cr yesterday.
Barring the BSE Metal index that closed on a flat note, all the BSE Sectoral indices ended in the red. The BSE FMCG, IT and Bankex lost more than 2%. Gainers from the index pivotals include Tata Steel, Bharti Airtel, ACC and Ranbaxy. Losers include ITC, Satyam, Infosys and L&T.
The main indices are near crucial support levels – 17,000 for the Sensex and 5,000 for the Nifty. The markets may correct some more. Investors can use the current dip in the markets to buy selective stocks.
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