27 Jun 2008 | 18:48
Markets witness a sell off
The
markets opened with a downgap today on the back of weak global cues. A
sharp spurt in crude oil prices (due to threats of Libya cutting
supplies) and political uncertainty due to Indo-US nuclear deal pulled
the indices lower today. Further, inflation for the week ended 14 June
2008 came in at 11.42%. The markets ended near the lows of the day.
While
the Sensex closed a whopping 619.60 points or 4.30% lower at 13,802.22,
the Nifty lost 179.20 points or 4.15% at 4136.65. The broad market
indices also participated in the sell-off as the BSE Midcap and
Smallcap index ended 3.19% and 2.68% lower respectively. The market
breath was pathetic as A/D ratio was 1:3.5 on the BSE. NSE cash
turnover was
Rs.12,728.29 crs. Vs. Rs.15,803.95 crs. yesterday.
Sectorally,
it was a sea of red. The BSE Metal, Power, Auto and Bankex lost more
than 4.5% each. There were no gainers in the BSE-30. Losers from the
Sensex pack included Tata Motors, HDFC, Wipro, Rel Infra, M&M,
Ambuja Cement and Jaiparaksh Associates which lost more than 7% each.
After
pulling back for two sessions with positive gains, the markets resumed
their downtrend by plunging once again. We recommend a go slow approach
on fresh long positions. Traders can look for fresh shorting
opportunities on any risesVisit site at – http://investorline.co.in/
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Markets witness a sell off
The
markets opened with a downgap today on the back of weak global cues. A
sharp spurt in crude oil prices (due to threats of Libya cutting
supplies) and political uncertainty due to Indo-US nuclear deal pulled
the indices lower today. Further, inflation for the week ended 14 June
2008 came in at 11.42%. The markets ended near the lows of the day.
While
the Sensex closed a whopping 619.60 points or 4.30% lower at 13,802.22,
the Nifty lost 179.20 points or 4.15% at 4136.65. The broad market
indices also participated in the sell-off as the BSE Midcap and
Smallcap index ended 3.19% and 2.68% lower respectively. The market
breath was pathetic as A/D ratio was 1:3.5 on the BSE. NSE cash
turnover was
Rs.12,728.29 crs. Vs. Rs.15,803.95 crs. yesterday.
Sectorally,
it was a sea of red. The BSE Metal, Power, Auto and Bankex lost more
than 4.5% each. There were no gainers in the BSE-30. Losers from the
Sensex pack included Tata Motors, HDFC, Wipro, Rel Infra, M&M,
Ambuja Cement and Jaiparaksh Associates which lost more than 7% each.
After
pulling back for two sessions with positive gains, the markets resumed
their downtrend by plunging once again. We recommend a go slow approach
on fresh long positions. Traders can look for fresh shorting
opportunities on any risesVisit 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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