Feb 19, 2009

Markets end sharply lower

20 Jan 2009 | 18:29
Markets end sharply lower

Indian markets ended lower today on the back of weak global cues. While the Sensex closed 229.02pts or 2.45% lower at 9,100.55, the Nifty lost 49.6pts or 1.74% to close at 2796.6. The broad market indices out performed as the BSE Midcap and Small Cap indices were down by only 0.90% and 0.36% respectively. Market breadth was negative as A/D ratio was 0.76:1 on the BSE. NSE cash turnover was lower at Rs.7081.4crs. Vs. Rs.6,819crs. on Monday.

Barring the BSE Power index, all the sectoral indices ended lower. The top losers were the BSE Metals, Realty, Bankex and Oil and Gas indices. The top gainers from the BSE-30 were NTPC, Rel Infra and Tata Power. The top losers were Tata Steel ,Bharti, Sterlite, RCom, JP associates and HDFC.

The 2800 levels acted as a strong resistance today as the Nifty failed to move above those levels after opening on a weak note. We recommend traders to remain on the sidelines till there is more clarity on market direction. A move above 2850 could lead to further upsides while a close below the 2750 supports could lead to a sharp fall.