23 Jun 2008 | 18:25
Markets continue to slide
The
markets opened down today on the back of weak global cues. The markets
then recovered during the day but again drifted lower to close in the
red.
Concerns of further policy tightening by the RBI with inflation reaching a
+13-year high and political uncertainty, weighed on the market
+sentiment
today.
Over the weekend Uttar Pradesh chief minister Mayawati's Bahujan Samaj
Party (BSP) withdrew its support to the Congress-led UPA government.
While
the Sensex closed down 277.97 points or 1.91% at 14,293.32, the Nifty
lost 81.15 points or 1.87% at 4266.40. The broad market indices also
participated in the sell off to a larger extent as the BSE Midcap and
Smallcap indices lost 3.60% and 3.53% respectively. The market breadth
was pathetic, as A/D ratio was 1:5 on the BSE. NSE cash turnover was
Rs.11,238.98 crs. Vs. Rs.12,069.08 cr on Friday.
Barring
the BSE IT index that gained 0.68%, all the BSE Sectoral indices ended
in the red. The BSE Power, Metal and Capital Goods lost more than 4%
each. Gainers from the BSE -30 were ONGC, HDFC, Wipro, Infosys, Satyam
and HUL only. Losers from the Sensex pack included Jaiprakash
Associates, Hindalco, L&T, Maruti Suzuki and Ranbaxy (lost more
than 5% each).
While the markets continue to drift lower, the
Nifty is now trading near the Feb 07 highs of 4245. This could provide
some temporary support to the markets and we could see some bounce back
in the coming sessions. This bounce back should however be used for
exiting long positions entered into earlier and can also be used for
initiating fresh shorts. With respect to fresh Investment positions, it
would be advisable to wait till the markets make a confirmed bottom.Visit site at – http://investorline.co.in/
Newsroom - http://newsroom.investorline.co.in/
Learning Center- http://learning.investorline.co.in/
Mutual funds - http://mutualfunds.investorline.co.in/
Life Insurance - http://insurance.investorline.co.in/
Investor Journal - http://research.investorline.co.in/
Investor Forums- http://forums.investorline.co.in/
Markets continue to slide
The
markets opened down today on the back of weak global cues. The markets
then recovered during the day but again drifted lower to close in the
red.
Concerns of further policy tightening by the RBI with inflation reaching a
+13-year high and political uncertainty, weighed on the market
+sentiment
today.
Over the weekend Uttar Pradesh chief minister Mayawati's Bahujan Samaj
Party (BSP) withdrew its support to the Congress-led UPA government.
While
the Sensex closed down 277.97 points or 1.91% at 14,293.32, the Nifty
lost 81.15 points or 1.87% at 4266.40. The broad market indices also
participated in the sell off to a larger extent as the BSE Midcap and
Smallcap indices lost 3.60% and 3.53% respectively. The market breadth
was pathetic, as A/D ratio was 1:5 on the BSE. NSE cash turnover was
Rs.11,238.98 crs. Vs. Rs.12,069.08 cr on Friday.
Barring
the BSE IT index that gained 0.68%, all the BSE Sectoral indices ended
in the red. The BSE Power, Metal and Capital Goods lost more than 4%
each. Gainers from the BSE -30 were ONGC, HDFC, Wipro, Infosys, Satyam
and HUL only. Losers from the Sensex pack included Jaiprakash
Associates, Hindalco, L&T, Maruti Suzuki and Ranbaxy (lost more
than 5% each).
While the markets continue to drift lower, the
Nifty is now trading near the Feb 07 highs of 4245. This could provide
some temporary support to the markets and we could see some bounce back
in the coming sessions. This bounce back should however be used for
exiting long positions entered into earlier and can also be used for
initiating fresh shorts. With respect to fresh Investment positions, it
would be advisable to wait till the markets make a confirmed bottom.Visit site at – http://investorline.co.in/
Newsroom - http://newsroom.investorline.co.in/
Learning Center- http://learning.investorline.co.in/
Mutual funds - http://mutualfunds.investorline.co.in/
Life Insurance - http://insurance.investorline.co.in/
Investor Journal - http://research.investorline.co.in/
Investor Forums- http://forums.investorline.co.in/
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