Bad day for Global Market

By CROW -

It was a bad day but not a disastrous day under the circumstances one would have to say because the way we opened up this morning after that massive fall in the Dow and the S&P – it really could have gone anyway. Like many Asian markets, we could have closed 5-6% lower. But we closed only about 3% lower – say about 250-points odd, just under that 8,500 for the Sensex. The Nifty came off the lows of the day – flirted with 2,500 for quite a bit and then closed the day around that 2,550 mark. There was a little bit of a pullback towards the end but it was still down about 70-80 points on the Nifty.

 

The volumes were extremely low, so don't know how much you can take away from a day like this – the pullback towards the end or the fact that it did not close with 5-6% kind of cuts but many largecap names like ICICI Bank, even Reliance Industries, many of the telecom stocks out there did not look good.

 

Technology had another difficult day and of course real estate continues to get pounded like the likes of Unitech and DLF. So, not a great day for largecap names but there was a lurking suspicion at the end of the day that there could be a bit of a short covering bounce after all if global markets do support us.

Source : Moneycontrol

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