Markets end lower due to final hour sell-off Markets corrected sharply in the last hour of trade after trading in a narrow range in the morning.

27 Aug 2008 | 18:33



Markets
end lower due to final hour sell-off Markets corrected sharply in the
last hour of trade after trading in a narrow range in the morning.



Markets
end lower due to final hour sell-off Markets corrected sharply in the
last hour of trade after trading in a narrow range in the morning.
Selling was seen across the board, especially in the Realty, Banking,
Power and Capital Goods stocks. On the Global front, Asian markets
closed mixed while European markets are still trading in the red.

While
the Sensex declined by 185.43 points or 1.28% to close at 14,296.79,
the Nifty lost 45.4pts or 1.05% to close at 4292.10. The broad market
indices too ended lower as the BSE Midcap and BSE Smallcap indices lost
1.02% and 0.76% respectively. Market breadth was negative as A/D ratio
was
0.64:1 on the BSE. Turnover on the NSE for Wednesday was Rs.8769crs. Vs.
Rs.8669cr on Tuesday.

All
the sectoral indices ended lower. The top losers were the Realty,
Bankex, Power and Capital Goods indices. The indices that lost the
least were the Auto, IT and Metals indices. The top gainers from the
Sensex were Hindalco, Tata Steel, Infosys and Mah & Mah. The losers
from the Sensex pack included DLF, Rel Infra, SBI, ICICI bank, Tata
Motors and BHEL.

With the markets failing to sustain at higher
levels and drifting lower, the odds look like the main indices could
drift further lower. Important supports to watch on the Nifty are now
at 4250-4190. We continue with our strategy of adopting a go slow
approach on fresh long positions till we see evidence of a new uptrend.

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