Mkts shrug off +ve IIP data as they end sharply lower The bleeding continued for the third day running as markets shrugged off positive IIP data.

12 Jan 2009 | 00:00
Mkts shrug off +ve IIP data as they end sharply lower The bleeding continued for the third day running as markets shrugged off positive IIP data.

Mkts shrug off +ve IIP data as they end sharply lower The bleeding continued for the third day running as markets shrugged off positive IIP data. Frontrunners from infrastructure, oil & gas, banking, realty, telecom and metal sectors took a huge beating today. The effects of Satyam scam was also seen in today's trade as shares of Andhra Pradesh-based companies and companies with exposure to Satyam or Maytas Infra witnessed selling pressure.

While the Sensex closed 296.42pts or 3.15% lower at 9,110.05, the Nifty lost 99.9pts or 3.48% to close at 2773.1. The broad market indices too ended lower as the BSE Midcap and Small Cap indices were down by 2.27% and 1.7% 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.9,692crs. Vs. Rs.12,988crs. on Friday.

All the sectoral indices ended in the red. The top losers were the BSE Metal, Realty, IT, Power and Capital goods indices. The top losers from the BSE-30 were Wipro, Rel infra, Tata Steel, Ranbaxy and DLF. The top gainers were Sun Pharma and JP Associates.

With the Nifty closing below the crucial 2850-2800 supports, the bears seem to have the upper hand now. Immediate downsides are now at 2700. We continue with our strategy of going slow on fresh longs till we see signs of sustainable strength.