Markets correct after five consecutive sessions of gains

12 Aug 2008 | 18:55



Markets
correct after five consecutive sessions of gains Markets ended sharply
lower on the back of disappointing IIP numbers and negative European
and Asian cues.



Markets
correct after five consecutive sessions of gains Markets ended sharply
lower on the back of disappointing IIP numbers and negative European
and Asian cues. While the Sensex closed at 15,212.13, down 291.79
points or 1.88%, the Nifty lost 68.15 points or 1.47% at 4552.25. Broad
market indices also ended lower as the BSE Midcap and Small Cap indices
lost 0.79% and 0.70% respectively. Market breadth was negative as A/D
ratio was 0.71:1 on the NSE. Turnover on the NSE for Tuesday was
Rs.13,926.59crs. Vs. Rs.12,437.81crs. yesterday.

Barring the
FMCG and Oil and Gas indices, all of the sectoral indices ended lower.
The top losers were the BSE Metals, Bankex, IT, Realty and Consumer
Durables indices. Gainers from the BSE-30 were ITC, Grasim, Mah &
Mah, Reliance and HUL. The major losers from the Sensex pack included
Tata Steel, Maruti, Jaiprakash Associates and Sterlite.

The
markets have at last corrected after five sessions of gains. Though the
short term trend continues to remain up, we recommend a go slow
approach on fresh positions as we remain open to the possibility of the
markets correcting further. Important supports to watch on the Nifty
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