Nifty Hit rock Bottom 2008
The Indian markets opened gap down flowing weak global cues and continued to seek lower levels on sustained selling pressure. The Nifty has hit a new 2008 low. The Realty, Bank & Capital Goods Index are at new 2008 lows. On Friday the Dow dropped 3% clocking the eight-largest point drop in the index's history after crude hit a high of USD 139.12 a barrel during the day. The Asian markets have also opened about 2% lower today.
Presently the Sensex and Nifty are down by 700 points at 14,872 and the Nifty down by 205 points at 4,422, respectively. The NSE advance: decline ratio stood at 46:1168. All indices are trading in the red. BSE Realty Index was down 8.4% at 5,687.73, Power down 5.5% at 2,551.38, Bankex down 5% at 6,904.42, Oil & Gas down 4.8% at 9,525.59, Capital Goods down 4.6% at 11,475.67. The BSE Midcap and Small Cap are down nearly around 5% each.
Sid Khanna, Chairman and Managing Director of India Equity Partners said, "I am not particularly surprised; this is a period of global uncertainty seen over the last few months, with events in the US and in Europe. I think when the oil prices normalise, there would be deep introspection in terms of industry and buying power. This is a period of correction, introspection, thinking about what the results are going to be like for the next 12 months.
Anil Singhvi of Notz Stucki said, . "The headwinds are very heavy. We should not forget the fact that oil is at USD 150/bbl and rupee is again depreciating- depreciated by almost 10%. Trade deficit is earning at about USD 10 billion a month. From small to medium-term markets still look overvalued. Markets would correct further down because of all the external factors and internal factors. So I won't say that this is an opportunity on a day of when one should buy and the markets will look good, I don't think."
Sudarshan Sukhani of Technical Trends said, "It is very difficult to make a call on these random intra-day moves but then, so what the point is that this market is falling, is falling on any excuse that it gets. My view is that this market is not going to stop falling so soon, at some point it will, it will begin building up a base but that day hasn't come we are making new lows today. This is not a day for base building."
So should investors be bottom fishing, and more importantly, what should they look at picking up now? Or should investors look at cashing out, and if so, what should they look at selling?
Presently the Sensex and Nifty are down by 700 points at 14,872 and the Nifty down by 205 points at 4,422, respectively. The NSE advance: decline ratio stood at 46:1168. All indices are trading in the red. BSE Realty Index was down 8.4% at 5,687.73, Power down 5.5% at 2,551.38, Bankex down 5% at 6,904.42, Oil & Gas down 4.8% at 9,525.59, Capital Goods down 4.6% at 11,475.67. The BSE Midcap and Small Cap are down nearly around 5% each.
Sid Khanna, Chairman and Managing Director of India Equity Partners said, "I am not particularly surprised; this is a period of global uncertainty seen over the last few months, with events in the US and in Europe. I think when the oil prices normalise, there would be deep introspection in terms of industry and buying power. This is a period of correction, introspection, thinking about what the results are going to be like for the next 12 months.
Anil Singhvi of Notz Stucki said, . "The headwinds are very heavy. We should not forget the fact that oil is at USD 150/bbl and rupee is again depreciating- depreciated by almost 10%. Trade deficit is earning at about USD 10 billion a month. From small to medium-term markets still look overvalued. Markets would correct further down because of all the external factors and internal factors. So I won't say that this is an opportunity on a day of when one should buy and the markets will look good, I don't think."
Sudarshan Sukhani of Technical Trends said, "It is very difficult to make a call on these random intra-day moves but then, so what the point is that this market is falling, is falling on any excuse that it gets. My view is that this market is not going to stop falling so soon, at some point it will, it will begin building up a base but that day hasn't come we are making new lows today. This is not a day for base building."
So should investors be bottom fishing, and more importantly, what should they look at picking up now? Or should investors look at cashing out, and if so, what should they look at selling?
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