Markets plunge as they erase Wednesday’s gains Markets fell today and erased all of Wednesday’s gains.

15 Jan 2009 | 18:13
Markets plunge as they erase Wednesday's gains Markets fell today and erased all of Wednesday's gains.

Markets plunge as they erase Wednesday's gains Markets fell today and erased all of Wednesday's gains. Weak global cues fuelled the negative sentiments. The fall came despite a dip in inflation numbers. While the Sensex closed 323.75pts or 3.45% lower at 9,046.74, the Nifty lost 98.6pts or 3.48% to close at 2736.7. The broad market indices lost less as the BSE Midcap and Small Cap indices were down by 1.72% and 2.16% respectively. Market breadth was negative as A/D ratio was 0.42:1 on the BSE. NSE cash turnover was lower at Rs.8179crs. Vs. Rs.8,277crs. on Wednesday.

All the sectoral indices ended lower. The BSE Bankex was the top loser followed by the BSE Realty, Metals, IT and Power indices. The top losers from the BSE-30 were JP Associates, Tata Steel, ICICI Bank, Sterlite and RCom. Grasim was the lone gainer.

The bounce back seen yesterday has proved short lived as the markets plunged once again today. The short term trend therefore continues to remain down. Traders are recommended to remain on the sidelines till we see evidence of a new uptrend.