Oct 10, 2008

Markets end lower for the third consecutive day Markets took a nosedive as the main indices came under selling pressure.

11 Sep 2008 | 18:35
Markets end lower for the third consecutive day Markets took a nosedive as the main indices came under selling pressure.

Markets end lower for the third consecutive day Markets took a nosedive as the main indices came under selling pressure. It was the third consecutive negative session as they took weak cues from global markets as credit concerns are not over yet in the US financial space. Asian and European markets also got hammered.

While the Sensex lost 338.32 points or 2.31% at 14,324.29, the Nifty shed 2.5% to close at 4290.30. The broad market indices too ended lower as the BSE Midcap and Smallcap indices lost 1.08% and 1.22% respectively. The market breath was negative, as A/D ratio was 0.48:1 on the BSE. NSE cash turnover was Rs.10,782.56crs. Vs. Rs.11,988.46 crs. on Wednesday.

The Sectoral indices were not spared from today’s selloff as all of them ended lower. The biggest losers were the Oil and Gas, Power and Realty indices. The indices that lost the least were the IT, Auto and FMCG indices. Gainers from the BSE-30 were Tata Motors and Ranbaxy. The top losers were Bharti Airtel, Rel Infra, Reliance, ONGC and Tata Power.

With today’s selloff, the Nifty has closed below the previous lows of 4330 thereby reversing the uptrend. The Nifty could now drift further towards the 4200 support levels. 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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