Apr 15, 2008

Indian Markets on 8 April 2008 - Markets end lower

Markets end lower

Markets ended in red with moderate losses as selling pressure was seen in Capital Goods, FMCG, IT and Oil stocks. While the Sensex closed down 169.46 points or 1.08% at 15587.62, the Nifty lost 51.55 points or 1.08% at 4709.65. Broader markets outperformed as the BSE Mid Cap and BSE Small Cap gained 0.60% and 0.47% respectively. Market breadth was marginally positive as A/D ratio was 1.15:1 on the BSE. NSE cash turnover was Rs.12,331.78crs. Vs. Rs. 12,026.36crs yesterday.

Sectorally, barring the BSE Bankex and BSE Consumer Durables indices, all the sectoral indices ended lower. The biggest losers were the BSE Metals, Capital Goods and IT. Among the frontline stocks, Wipro, L&T, JP Associates, SAIL, Grasim, Bharti Airtel and Tata Communications were the big losers. Orchid Chem was up over 15% as JB Chemicals had approved a buyback upto 7%.

Although the main indices and several frontline stocks displayed weakness, it was interesting to note that the midcaps outperformed. We nevertheless recommend a go slow approach on fresh positions till we see more clarity on the overall market direction.