Oct 10, 2008

Bears in control on derivative expiry day It was derivative expiry day and markets remained under selling pressure though they managed to trim the los

25 Sep 2008 | 18:23
Bears in control on derivative expiry day It was derivative expiry day and markets remained under selling pressure though they managed to trim the losses to some extent.

Bears in control on derivative expiry day It was derivative expiry day and markets remained under selling pressure though they managed to trim the losses to some extent. While the Sensex finally closed 145.34 points or 1.06% lower at 13,547.18, the Nifty lost 50.70 pts or 1.22% to close at 4110.55. The broad market indices also ended lower as the BSE Midcap and Smallcap indices shed 0.66% and 0.84% respectively. Market breadth was negative as A/D ratio was 0.53:1 on the BSE. NSE cash turnover was Rs.15,311crs. Vs.Rs.11,829crs. on Wednesday.

Barring the Auto index , all the sectoral indices ended lower. The top losers were the IT, Realty, Power and Consumer Durable indices. Gainers from the BSE-30 were HDFC Bank, ONGC, L&T, Maruti and NTPC. Top losers were Wipro, Ranbaxy, Hindalco, Grasim and TCS.

The markets have once again resumed their downward journey after
yesterday’s bounce back. We believe the markets are headed lower in the coming sessions as the medium and long term trend continues to remain down.
Any upsides are likely to find resistance at 4200-4300 on the Nifty. We recommend a go slow approach on fresh long positions.

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