Markets close lower; Infosys up on better than expected numbers

13 Jan 2009 | 18:48
Markets close lower; Infosys up on better than expected numbers The markets closed on a weak note for the fifth day in a row today. A fall in the European markets added to the negative sentiments in the market.

Markets close lower; Infosys up on better than expected numbers The markets closed on a weak note for the fifth day in a row today. A fall in the European markets added to the negative sentiments in the market. While the Sensex closed 38.69pts or 0.42% lower at 9,071.36, the Nifty lost 28.15pts or 1.02% to close at 2744.95. The broad market indices too ended lower as the BSE Midcap and Small Cap indices were down by 1.43% and 1.51% respectively. Market breadth continued to remain weak as A/D ratio was 0.51:1 on the BSE. NSE cash turnover was lower at Rs.9,450crs. Vs. Rs.9,692 crs. on Monday.

The sectoral indices were a mixed bag. The BSE IT index was the outperformer as it gained 4.71%. Other gainers were the BSE Consumer Durables, FMCG and Realty. The top losers were the BSE Oil and Gas, Bankex, Metal and Power indices. The top losers from the BSE-30 were RCom, HDFC, Tata Motors, ONGC and JP Associates. The top gainers were Infosys, Wipro, Ranbaxy and Tata Power.

The bears continue to retain the upper hand as we remain open to the possibilities of the Nifty testing the 2600-2500 levels in the coming days. Short term upmoves can however be expected till the 2850 levels on the Nifty. We continue with our strategy of going slow on fresh longs till we see signs of sustainable strength.