25 Jun 2008 | 18:49 Markets recover from day's lows, snap 5 day losing streak The markets opened in the red on Wednesday (250608). The RBI hiked the CRR (to 8.75%) and Repo (to 8.5%) rate by 50 bps points each respectively on Tuesday evening. However, the markets recovered from the initial blow in the morning and traded on a flattish note for most of the day. The markets gained during the last hour of trade and ended in the green. Short covering ahead of the expiry on the June 2008 derivatives series tomorrow and positive global cues from Europe seemed to support the markets. While the Sensex closed up 113.49 points or 0.8% at 14,220, the Nifty closed up 61.55 points or 1.5% at 4253. The broadmarket indices participated in the recovery. The BSE Midcap and Smallcap index ended 0.6% and 0.7% higher respectively. The market breadth turned positive towards the end of the day. Overall, the market breath was flat, as A/D ratio was 1:1 on the BSE. NSE cash turnover was Rs. 12331.10 cr vs Rs. 11769.93 cr on Tuesday. Barring the Bankex, FMCG and IT indices, the BSE Sectoral indices ended higher. The BSE Metal, Oil & Gas and Realty index surged more than 2% each. Some of the gainers from the BSE - 30 were Rel Comm, Tata Steel, DLF, Rel Infra and TCS. Losers from the Sensex pack included HDFC, Wipro, Cipla, Infosys and ITC. Despite breaching the 52 intra-day low of 13,779 (today's low - 13,731.54) created on 17th August, 2007 the markets managed to recover and close above the 14,000 mark on Wednesday. The market could get direction from outcome for the US Federal Reserve two day meeting, which concludes today. The Fed is expected to take a call on its key rate for short-term lending which is at 2% currently. The markets seem to have formed a near term bottom, however, re-testing of today's lows cannot be ruled out.

25 Jun 2008 | 18:49



Markets recover from day's lows, snap 5 day losing streak



The
markets opened in the red on Wednesday (250608). The RBI hiked the CRR
(to 8.75%) and Repo (to 8.5%) rate by 50 bps points each respectively
on Tuesday evening. However, the markets recovered from the initial
blow in the morning and traded on a flattish note for most of the day.
The markets gained during the last hour of trade and ended in the
green. Short covering ahead of the expiry on the June 2008 derivatives
series tomorrow and positive global cues from Europe seemed to support
the markets.

While the Sensex closed up 113.49 points or 0.8% at 14,220, the Nifty
closed up 61.55 points or 1.5% at 4253. The broadmarket indices
participated
in the recovery. The BSE Midcap and Smallcap index ended 0.6% and 0.7%
higher respectively. The market breadth turned positive towards the end
of the day. Overall, the market breath was flat, as A/D ratio was
1:1 on the BSE. NSE cash turnover was Rs. 12331.10 cr vs Rs. 11769.93 cr on Tuesday.

Barring
the Bankex, FMCG and IT indices, the BSE Sectoral indices ended higher.
The BSE Metal, Oil & Gas and Realty index surged more than 2% each.
Some
of the gainers from the BSE - 30 were Rel Comm, Tata Steel, DLF, Rel
Infra and TCS. Losers from the Sensex pack included HDFC, Wipro, Cipla,
Infosys and ITC.

Despite breaching the 52 intra-day low of
13,779 (today's low - 13,731.54) created on 17th August, 2007 the
markets managed to recover and close above the 14,000 mark on
Wednesday. The market could get direction from outcome for the US
Federal Reserve two day meeting, which concludes today. The Fed is
expected to take a call on its key rate for short-term lending which is
at 2% currently. The markets seem to have formed a near term bottom,
however, re-testing of today's lows cannot be ruled out.Visit site at – http://investorline.co.in/
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