Oct 10, 2008

Markets end lower for the fourth consecutive day It was another dreadful session for the markets as the bears dominated the session.

12 Sep 2008 | 19:26
Markets end lower for the fourth consecutive day It was another dreadful session for the markets as the bears dominated the session.

Markets end lower for the fourth consecutive day It was another dreadful session for the markets as the bears dominated the session. It was the fourth consecutive day that markets were under pressure. Traders completely ignored the positive IIP numbers and good global markets.

While the Sensex lost 323.48 points or 2.26% at 14,000.81, the Nifty shed 1.44% to close at 4228.45. The broad market indices too ended lower as the BSE Midcap and Smallcap indices lost 1.95% and 1.57% respectively. The market breath was negative, as A/D ratio was 0.44:1 on the BSE. NSE cash turnover was Rs.12,451crs. Vs. Rs.10,783crs. on Thursday.

The Sectoral indices continued to bear the brunt of selling pressure as all of them ended lower. The biggest losers were the IT, Realty and Bankex indices. The indices that lost the least were the FMCG, Auto and Healthcare indices. Gainers from the BSE-30 were Maruti, BHEL, Hind Unilever, Bharti airtel and NTPC. The top losers were Rel Infra, Infosys, ICICI Bank, HDFC and DLF.

With today’s selloff, the Nifty has closed near the crucial support levels of 4200. It is important that these supports hold, else the markets could witness a sharp sell-off and drift towards the July 08 lows of 3800. We continue with our strategy of adopting a go slow approach on fresh long positions till we see signs of strength

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