Oct 10, 2008

Markets in decline mode after two sessions of gains It was a dreadful day for the markets as the markets closed sharply lower.

03 Oct 2008 | 18:32
Markets in decline mode after two sessions of gains It was a dreadful day for the markets as the markets closed sharply lower.

While the Sensex finally closed 529.35 points or 4.05% lower at 12,526.32, the Nifty lost 132.45 pts or 3.35% to close at 3818.30. The broad market indices also ended lower as the BSE Midcap and Smallcap indices lost 3.03% and 2.52% respectively. Market breadth was negative as A/D ratio was 0.35:1 on the BSE. NSE cash turnover was Rs.11,892crs. Vs. Rs.10,793crs. on Wednesday.

All the sectoral indices ended lower. The top losers were the BSE Metals, Oil and Gas, Consumer Durables and Bankex. The indices that lost the least were the BSE FMCG and Auto indices. The top gainers from the BSE-30 were Ranbaxy, M&M and HUL. The top losers were Tata Steel, ICICI bank, Sterlite, RIL and Tata Power.

After two days of gains, markets have once again resumed their downtrend by closing lower today. We continue with our strategy of adopting a go slow approach on fresh long positions as the medium and long term trend continue to remain down.

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