Bears continue to dominate

30 Jun 2008 | 18:58

Bears continue to dominate The markets opened on a flat note this morning but soon slipped into the red. The Sensex has lost close to 1000 points over the past two sessions. High inflation, rising interest rates, record high oil prices and political concerns continued to haunt the markets. While the Sensex closed down 340.62 points or 2.47% at 13,461.60, the Nifty lost 96.10 points or 2.32% at 4040.55. The broad market indices also participated in the sell-off as the BSE Midcap and Smallcap index lost 3.1% and 3.4% respectively. The market breath was pathetic, as A/D ratio was close to 1:4 on the BSE. NSE cash turnover was Rs.11,450.59 cr Vs. Rs. 12,728.29 crs yesterday. Sectorally, it was a sea of red. The BSE Oil & Gas, Consumer Durables and Realty lost more than 4% each. IT, FMCG and Healthcare indices closed with marginal gains. Gainers from the BSE-30 include Hindalco, ITC, Infosys and Jaiprakash Associates. Losers from the Sensex pack included Rel Infra (down 11.5%), ACC, Ambuja Cement and DLF. The bearish sentiments continue at Dalal Street as markets continue to fall like nine pins. We continue with our go slow approach on fresh long positions till we see signs of strength.

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