Apr 1, 2008

Indian Markets 31st March 2008 - Markets show weakness

Markets show weakness

The markets opened with a downward gap this morning on the back of weak global cues. They continued to slide through the day to finally close near the lows of the day. While the Sensex was down 726.85 points or 4.44% at 15,644.44, the Nifty was down 207.5 points or 4.20% to close at 4734.50. Broadmarket indices lost less as the BSE Midcap and Smallcap indices dropped by 1.46% and 0.76% respectively. The market breadth was marginally positive as A/D ratio was 1.06:1 on the BSE. NSE cash turnover was Rs.14,487.46 crs. Vs. Rs.14,308.88 crs. on Friday.

All the Sectoral indices ended in the red. The BSE Realty, Bankex and IT were the worst hit as they lost in excess of 5%. The sectoral indices that lost the least were the BSE Healthcare, Auto and FMCG indices. Gainers from the index pivotals included Cipla, M&M, Bharti Airtel and ITC only. Losers included HDFC, ICICI Bank, DLF, TCS, ONGC and Wipro.

With the markets correcting sharply, we recommend a go slow approach on fresh long positions till we see evidence of fresh strength emerging.