Market Updates: As expected the markets loosing further increasing its downside

by khalid on 05/10/2011 · 1 comment

For the third day in a row the markets sunk in to the bearish pressure with no respite whatsoever. It’s the 4 trading session for the month and the markets have already shed more than 1000 points. The Banking Index were the biggest contributor to the fall today with the whole Banking Index slipping by more than 2.5%. The sell off was led by the heavy weights ICICI Bank, SBI besides Reliance Industries, Bharti, and BHEL among the others. The whole session for the trades today was highly volatile which caused a fall of more than 72 points over the SENSEX.

Looking at SBI we would observe that the stock has plunged by more than 14% over the last 6 trading sessions. However there was a rally over the US markets with the banking sector rallying by more than 4%. In the early sessions of trade both Nifty and Sensex had gone above their lows of yesterday but gave in towards the second half of the day.

NSE Nifty with a loss of 20.85 points closed at 4751.30 whereas the BSE Sensex was done by 72.45 points to close at 15792.41. The fears and the sensex touching the 15000 levels seems to be nearing as the bearish phase intensifies. The Asian markets mostly were in the red depicting a mixed performance.

Bell the Bull says: The bearish phase of the market has resulted in a fall over a 1000 points in the last 6 trading sessions, it is to be seen how the market shapes up in the later part of this month.

Related Posts Plugin for WordPress, Blogger...

Leave a Comment

{ 1 trackback }

Previous post:

Next post: