Red is all over with the markets closing with yet another negative note for the fourth time in a row. However the market saw a handsome recovery towards the closing sessions of the day but it was not enough to rescue it from the effect of the earlier sessions in the day. The Sensex at one point of the day was trading at about 250 points lower than its previous close.
The Index saw both the Nifty and Sensex closing than 0.66% and 0.69% respectively. The close of Nifty was at 4835.40 which is 32 points lower than its previous close whereas Sensex saw a 110.96 points plunge to close at 16051.10. The reason held behind the small recovery has been estimated to be the positive noises coming in from the IMF meeting. In the IMF policy making panel 187 countries have agreed for working decisively as well as in a co-ordinated manner for tackling the European debt crisis.
The heavy weights such as RIL, L&T, Sterlite HUL closed down by 1-2 % whereas the banking sector as well as the technology sector saw a bit of recovery lead by SBI and Wipro. Looking at the other Asian markets most of the markets were in Red with Hang Seng, Straits Times, Taiwan and Kospi closing lower by 1-2% each. However a major fall was witnessed in Thailand and Jakarta where markets were down by 6.5% and 4% respectively.
Bell the Bull Says: Although the markets were in the red today a smart recovery showed the signs of the possibility of a short bounce back in the markets