Oct 10, 2008

Markets recover from the lows of the day to close with marginal losses

09 Sep 2008 | 18:25
Markets recover from the lows of the day to close with marginal losses Markets today started on a weak note following weak Asian cues and drifted lower in the first half an hour of trade.

Markets recover from the lows of the day to close with marginal losses Markets today started on a weak note following weak Asian cues and drifted lower in the first half an hour of trade. They then found support and bounced back smartly to end the day with marginal losses. Telecom stocks attracted buying interest.

While the Sensex lost 44.21 points or 0.30% at 14,900.76, the Nifty shed 13.60 points or 0.30% at 4,468.70. The broad market indices too ended lower as the BSE Midcap and Smallcap indices lost 0.72% and 0.26% respectively.
Market breadth was negative, as A/D ratio was 0.83:1 on the BSE. NSE cash turnover was Rs.10,403crs. Vs. Rs.11,695crs. on Monday.

Most of the sectoral indices ended lower. The biggest losers were the Metals, Bankex and Realty indices. The indices that ended with nominal gains were Oil and Gas and IT. Gainers from the BSE-30 were Maruti, Bharti Airtel, RCom, TCS and Rel infra. The top losers were Sterlite, Tata Motors, BHEL, SBI and Ranbaxy.

Markets seem to be consolidating at current levels. With the short term trend remaining up, we recommend holding on to your short term long positions and using any declines to add more. It is important that the Nifty doesn’t break the 4330 support levels for the uptrend to remain in force.

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