24 Jun 2008 | 18:07
Bears continue to dominate
The
markets opened on a flattish note today and traded marginally in the
positive for the first part of the day. However, post noon the markets
started sliding, tried to recover, failed and ended in the red. The
Sensex broke the psychologically important 14,000 mark on an intra-day
basis for the first time in 10 months. The US Federal Reserve meeting
begins on 24 June 2008 and is expected to take a call on its key rate
for short-term lending which is at 2% currently.
While the
Sensex closed down 186.74 points or 1.31% at 14,106.58, the Nifty lost
75.30 points or 1.76% at 4191.10. The broad market indices also
participated in the sell-off as the BSE Midcap and Smallcap indices
ended 1.76% and 1.82% lower respectively. The market breadth was
negative as A/D ratio was close to 1:3 on the BSE. NSE cash turnover
was Rs.11,769.93 crs.
Vs. Rs.11,238.98 crs. yesterday.
Sectorally,
it was a sea of red. The BSE FMCG and Metal indices lost the most,
2.54% and 3.52% respectively. Gainers from the BSE -30 were HDFC,
Ranbaxy, Reliance, BHEL and Jaiprakash Associates. Losers from the
Sensex pack included HUL, Tata Steel, NTPC, ONGC and L&T.
The
downtrend continues as the main indices have now closed with losses for
the fifth consecutive session. We continue with our strategy of using
any bounce backs to exit long positions entered into earlier and
initiating fresh shorts. With respect to fresh Investment positions, it
would be advisable to wait till the markets make a confirmed bottom.
Bears continue to dominate
The
markets opened on a flattish note today and traded marginally in the
positive for the first part of the day. However, post noon the markets
started sliding, tried to recover, failed and ended in the red. The
Sensex broke the psychologically important 14,000 mark on an intra-day
basis for the first time in 10 months. The US Federal Reserve meeting
begins on 24 June 2008 and is expected to take a call on its key rate
for short-term lending which is at 2% currently.
While the
Sensex closed down 186.74 points or 1.31% at 14,106.58, the Nifty lost
75.30 points or 1.76% at 4191.10. The broad market indices also
participated in the sell-off as the BSE Midcap and Smallcap indices
ended 1.76% and 1.82% lower respectively. The market breadth was
negative as A/D ratio was close to 1:3 on the BSE. NSE cash turnover
was Rs.11,769.93 crs.
Vs. Rs.11,238.98 crs. yesterday.
Sectorally,
it was a sea of red. The BSE FMCG and Metal indices lost the most,
2.54% and 3.52% respectively. Gainers from the BSE -30 were HDFC,
Ranbaxy, Reliance, BHEL and Jaiprakash Associates. Losers from the
Sensex pack included HUL, Tata Steel, NTPC, ONGC and L&T.
The
downtrend continues as the main indices have now closed with losses for
the fifth consecutive session. We continue with our strategy of using
any bounce backs to exit long positions entered into earlier and
initiating fresh shorts. With respect to fresh Investment positions, it
would be advisable to wait till the markets make a confirmed bottom.
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