Oct 10, 2008

Markets butchered as global uncertainty continues Markets got butchered in late trade and ended with sharp losses.

23 Sep 2008 | 18:25
Markets butchered as global uncertainty continues Markets got butchered in late trade and ended with sharp losses.

Major draggers were Infosys, ICICI Bank, HDFC, HDFC Bank, Reliance Industries, SBI, Satyam, L&T and Tata Steel. The fall was in line with European and Asian markets as there is uncertainty on the USD 700 billion bailout package announced by the US Treasury. Rising crude was another factor which fueled the negative sentiment.

While the Sensex finally closed 424.65 points or 3.03% lower at 13,570.31, the Nifty lost 96.15 pts or 2.28% to close at 4126.90. The broad market indices also ended lower as the BSE Midcap and Smallcap indices lost 2.06% and 1.63% respectively. Market breadth was negative as A/D ratio was 0.42:1 on the BSE. NSE cash turnover was Rs.10,610crs. Vs. Rs.11,519crs. on Monday.

All the sectoral indices ended lower. The top losers were the BSE IT, Realty and Bankex. Top Gainers from the BSE-30 were ACC and Tata Power. Top losers were Ranbaxy, DLF, Satyam, TCS and Wipro.

The markets seem to be once again under the grip of the bears as the main indices continue to witness selling pressure. The coming sessions could see the Nifty test the 4000-3800 support levels. We continue with our wait and watch approach with respect to fresh long positions.

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