Mar 16, 2008

Indian Markets on 14th March 2008 - Markets witness a sharp pullback

Markets witness a sharp pullback

Indian markets pulled back smartly after yesterday's sharp fall as they closed with strong gains near the day's high. They outperformed the Asian peers that ended weak. While the Sensex gained 403.17 points or 2.63% at 15760.52, the Nifty shot up by 122.20 points or 2.64% at 4745.80. Broad market indices Broad market indices underperformed as the BSE Mid Cap and BSE Small Cap indices gained 0.9% and 0.1% respectively. This explains the negative market breadth as A/D ratio was 0.82:1 on the BSE. NSE cash turnover was Rs.13,566crs. Vs. Rs.13,603crs. yesterday.

All the BSE sectors closed higher with Realty, Consumer Durables, Metal, Oil and Gas and Bankex leading the uptrend. Top gainers amongst the frontline stocks were DLF, Jaiprakash Associates, Satyam and Power Grid Corp.

Though the main indices have pulled back sharply, the overall trend continues to remain down. We continue with our strategy of going slow on positional long term investments till we see signs of a confirmed sustainable uptrend. Short term trading positions can be built to take advantage of any short term swings.