Oct 10, 2008

Markets claw back to end with gains after a weak opening After opening on a weak note on the back of negative global cues, markets recovered smartly o

18 Sep 2008 | 18:29
Markets claw back to end with gains after a weak opening After opening on a weak note on the back of negative global cues, markets recovered smartly on the back of positive statements from the Finance Minister.

Markets claw back to end with gains after a weak opening After opening on a weak note on the back of negative global cues, markets recovered smartly on the back of positive statements from the Finance Minister. Asian and European markets also recovered from their days low after the news that global banks are taking measures to improve liquidity in markets.

While the Sensex finally closed 52.70 points or 0.40% higher at 13,315.60, the Nifty gained 29.9 pts or 0.75% to close at 4038.15. The broad market indices however ended lower as the BSE Midcap and Smallcap indices lost 1.18% and 2.24% respectively. This explains the poor market breadth as A/D ratio was 0.35:1 on the BSE. NSE cash turnover was Rs.16,088crs. Vs.
Rs.12,279crs. on Wednesday.

The sectoral indices was a mixed bag. The top gainers were the BSE Bankex, Oil and Gas, Capital goods and Power indices. The biggest losers were the BSE Realty, Consumer Durables, IT and Healthcare indices. Top Gainers from the BSE-30 were Sterlite, HDFC Bank, Reliance, NTPC and ICICI bank. The top losers were Ranbaxy, JP associates, Satyam and Infosys.

Today the markets have recovered from the 3800 support levels on the Nifty.
These levels also correspond to the July 08 lows. The short term trend nevertheless continues to remain down and we continue with our strategy of using any pullback rallies to lighten existing long positions and initiate fresh shorts. Any further upsides could find resistance at 4150-4200 on the Nifty.

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