Markets end in the red for the second consecutive session

By CROW -

After opening on a strong note, the Sensex witnessed selling pressure at higher levels and slipped into negative territory during the latter part of the day. While the Sensex was down 190.11 points or 0.97% to close at 19400.67, the Nifty was down 60.80 points or 1.04% at 5786.50. The broad market indices followed suit as the BSE Midcap and Small Cap Index closed 0.75% and 0.45% lower at 7986.58 and 9803.03 respectively. Market breadth was negative, as the A/D ratio was 0.69:1 on the BSE. NSE cash turnover was at Rs.23737.41cr vs Rs.22800.26cr yesterday.
Sectorally, most of the indices ended in the red. The BSE Bankex and Capital Goods indices witnessed heavy selling pressure and were the biggest losers. The BSE PSU and Realty indices ended marginally higher. Among the top losers were Rel. Comm, L&T, Bharti Airtel and ICICI Bank. The top gainers of the day from the index pivotals are Hindalco, Bajaj Auto and BHEL.

Markets could consolidate / correct in the short term. We continue with our strategy of adopting a wait and watch approach with respect to fresh positions and holding on to existing positions with trailing stops to protect profits earned.

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