Oct 10, 2008

Markets recover after yesterday’s sell-off Markets rebounded today after the sell-off seen yesterday, though they closed off the day's high.

24 Sep 2008 | 18:32
Markets recover after yesterday’s sell-off Markets rebounded today after the sell-off seen yesterday, though they closed off the day's high.

Markets recover after yesterday’s sell-off Markets rebounded today after the sell-off seen yesterday, though they closed off the day's high. While the Sensex finally closed 122.21 points or 0.90% higher at 13,692.52, the Nifty gained 34.35 pts or 0.83% to close at 4161.25. The broad market indices also ended higher as the BSE Midcap and Smallcap indices gained 0.26% and 0.14% respectively. Market breadth was marginally positive as A/D ratio was 1.09:1 on the BSE. NSE cash turnover was Rs.11,829.24crs. Vs. Rs.10,610crs. on Tuesday.

Barring the IT and Consumer Durables indices, all the sectoral indices ended higher. The top gainers were the Metal, Oil and Gas, Bankex and Power indices. Gainers from the BSE-30 were Sterlite, HDFC Bank, Tata Steel and Rel Infra. Top losers were Wipro, Tata Motors, Infosys and TCS.

While the markets have rebounded, the upmove was not accompanied with healthy market breadth. This indicates that today’s upmove was more of a technical bounce. We believe the markets are headed lower in the coming sessions as the medium and long term trend continues to remain down. The Nifty is likely to test the 4000-3800 support levels once the 4100 supports are broken.

0 comments: