Market touched new low of 2008
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The seventh-day losing streak continued on Dalal Street. The markets started gap down, and then spent the entire session in negative territory as dismal global cues wreaked havoc. A sharp slump in the US as well as in Asian and European markets, due to cut in US economic growth forecast of 2008-2010 by Fed and weak housing data, has weighed on our markets. The Sensex and the Nifty closed below October 27, 2008 closing values. The benchmark indices remained under pressure throughout the session, despite showing a bit of recovery in the last 15 minutes of trade due to short covering. The Nifty closed at 2,553 down 81 points, while the Sensex shut shop at 8,451 down 322 points.
Impact on Bull
the current levels do not leave too much value on the downside. “It’s quite possible that the index may tend down but given the kind of fall that we have witnessed from the peak to now, the percentage to be gained from the further shorts here for the most part is not a huge lot.”
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