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Posted by ronald.chis@googlemail.com on June 3, 2008, 9:12 am
Sensex closes below 16,000
03 Jun 2008 | 17:37
Markets opened on a weak note following weak cues from Asian and US
markets. It however recovered from the lows as major European markets
were showing strength and there was strong buying in the oil and gas
space. The Sensex recovered almost 250 points and the Nifty over 80
points from the day=92s low. The Sensex however finally closed below the
16000 mark at 15,962.56, down 100.62 points or 0.63%. The Nifty ended
the day at 4715.90, down 23.7 points or 0.5%. Broad market indices too
ended lower as the BSE Mid Cap and Small Cap lost 0.56% and 0.97%
respectively. Market breadth was negative, as A/D ratio was 0.47:1 on
the BSE. NSE cash turnover was Rs.13,020.16crs. Vs. Rs. 11,826.36 crs.
yesterday.
Most of the sectoral indices ended lower. The top losers were Power,
Capital goods, IT and Bankex indices. The BSE Oil and Gas index was
the major gainer as it closed 2.02% higher. The gains came on the back
of positive moves in Essar Oil, Cairn India, IOC, HPCL, Reliance,
Petronet LNG and ONGC. Some frontline stocks that ended higher were
ACC , Ranbaxy Labs, DLF and Wipro. Top losers were Bharti Airtel,
Reliance Infra, Satyam, BHEL, Suzlon Energy and Power Grid Corp.
Though the main indices recovered smartly from the lows of the day,
the short term trend continues to remain down. We recommend adopting a
wait and watch approach till we see signs of a sustainable upmove. It
is important that the 4600 supports hold for the Nifty; else the
current downtrend could continue.
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