Bear attack at Dalal Street

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Subject Author Date Bear attack at Dalal Street ronald.chis@googlemail.com 06-04-2008
Posted by ronald.chis@googlemail.com on June 4, 2008, 8:59 am Bear attack at Dalal Street The markets opened on a shaky note and traded marginally in the negative for the first part of the day. The government finally passed a decision to raise prices of diesel, petrol and LPG. Petrol prices will be raised by Rs.5 a litre and diesel by Rs.3 a litre. LPG prices are to be raised by Rs. 50 for a 14.2 kilogram bottle, effective midnight. While the markets did try to recover, fears of increasing inflation, political tension (Left opposed the fuel price hike) and weak global cues pulled the markets down. While the Sensex was down 447.77 points or 2.81% at 15,514.79, the Nifty lost 130.3 points or 2.76% to close at 4585.60. The broad market indices also ended lower as the BSE Midcap and BSE Small cap indices lost 2.29% and 2.06% respectively. The market breadth was negative, as A/D ratio was 1:3 on the BSE. NSE cash turnover was Rs.14,186.62 crs. Vs. Rs.13,020.16 crs. yesterday. Sectorally, it was a sea of red. Major losers included the BSE Power, Metal and Realty all of which lost more than 4%. The only gainer from the BSE-30 was ONGC (relief due to fuel price hike). Losers in the Sensex pack included Ambuja Cement, Tata Steel, HDFC Bank and Maruti Suzuki, all of which lost more than 5%. With the Nifty breaking the 4600 strong support levels, the markets seem to be headed lower. Short term traders who do not want to remain on the sidelines can consider building some short positions. Investors can however remain on the sidelines till the markets show some signs of stability. You liked the site then promote it here - https://www.freetellafriend.com/tell/?url=http%3A%2F%2Finvestorline.co.in%2Fblogs%2Fnews & to create your own free site & Blog logon to - http://investorline.co.in/blogger Similar Threads Posted GM Bear Flag December 16, 2006, 10:08 pm Bear market statistics October 5, 2008, 5:21 pm SIGNAL THAT WOULD CONFIRM A BEAR MARKET IN STOCKS August 22, 2007, 7:29 am Want to know the Wall Street secrets? May 9, 2007, 1:51 pm The QQQQ has formed the Bear Flag chart pattern January 6, 2008, 5:01 pm On Wall Street, Crime Pays February 19, 2008, 12:44 pm Wall street buzzes over Chinese decision to ease investing restrictions August 23, 2007, 10:32 am Cargos have rules the fashion roost ever since the times of the World Wars. These clothes, originally designed for military wear have now entered the workwear and even the street wear realms in a very big way. Cargo uniforms have become the workwear of April 21, 2008, 8:58 am