Markets end in the red after a volatile session The markets opened lower on Monday morning on the back of weak global cues.

18 Aug 2008 | 18:13

Markets end in the red after a volatile session The markets opened lower on Monday morning on the back of weak global cues. The markets tried to recover during the day but selling pressure pulled the key indices lower and the markets finally closed in the red. Inflation numbers which were released post the markets closing on Thursday, rose 12.44% for the week ended 2 August 2008, a 16-year high propelled by rise in the cost of pulses, fruits, spices and aviation turbine fuel. The Indian rupee fell for a fifth day, the longest losing streak in more than eight months, on speculation refiners stepped up purchases of crude oil. While the Sensex closed down 78.52 points or 0.53% at 14,645.66, the Nifty lost 37.65 points or 0.85% at 4393. The broad market indices also ended lower as the BSE Midcap and Smallcap index lost 0.71% and 1.04% respectively. The market breath was weak, as A/D ratio was about 1:1.8 on the BSE. Turnover on the NSE for Monday was Rs.9357crs versus Rs.11,019 cr on last Thursday. Barring the BSE IT index, all the BSE Sectoral Indices ended in the red. The biggest losers were the Oil & Gas, Power and Metal indices that lost more that 1.5% each. Gainers from the BSE-30 were HDFC, HDFC Bank, Satyam, L&T and TCS. The losers from the Sensex pack included Hindalco, Grasim, Rel Comm, M&M and ACC. The markets have now corrected for the fourth consecutive session. Traders need to keep a watch for the 4360 support levels on the Nifty. A close below these levels could lead to a further decline and possibly a testing of the 4270-4170 levels. We continue with our strategy of adopting a go slow approach on fresh longs till we see evidence of strength emerging.

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