Oct 10, 2008

Markets end with a marginal loss

22 Sep 2008 | 18:38
Markets end with a marginal loss

Markets witnessed a choppy session as the main indices traded within a narrow range. They finally closed with a marginal loss. This was despite the positive news that the US treasury may increase bailout package to USD 700 billion.

The Sensex finally closed 47.36 points or 0.34% lower at 13,994.96. The Nifty lost 22.20 pts or 0.52% to close at 4223.05. The broad market indices also ended lower as the BSE Midcap and Smallcap indices lost 0.15% and 0.35% respectively. Market breadth was marginally negative as A/D ratio was
0.91:1 on the BSE. NSE cash turnover was Rs.11,519crs. Vs. Rs.16,294crs.
last Friday.

Barring the FMCG and Metals indices, all the sectoral indices ended lower.
The top losers were the BSE Capital goods, Power, Auto, IT and Oil and gas indices. Top Gainers from the BSE-30 were ACC, Tata Steel, ITC, HUL, Bharti airtel and Grasim. Top losers were Satyam, JP associates, Maruti, Ranbaxy and Hindalco.

Markets were finding it difficult to move above the resistance levels inspite of the positive global cues today. The Nifty failed to cross the 4300 levels. A continued failure in the coming sessions could lead to the markets drifting lower once again and testing the 4000-3800 levels. We recommend a wait and watch approach with respect to fresh long positions.