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Posted by Shyam as Market News
It was another shocking day at the markets on Dec 17th when the Indian Share Markets fell by over 769.48 points to close at 19261 and Nifty closed at 5,777 down by 270 points. The markets were expected was expected to go down but the fall was drastic.All most all the sectors ended in red including the much hyped mid caps and small caps.It was the biggest fall in one day in Nifty.
Many reasons are being attributed to this.Already we reported that FIIs were net sellers of over $1billion dollars in Nov 2007.It could also be some frenzy selling by the FIIs before the festival seasons over there in US.It has been the same case previous years also.Moreover the the slow down in the US markets coupled with subprime cases are the basic reasons for the markets under performing heavily.
With Morgan Stanley,Bear Stearns,Goldman Sachs bringing in their results this week,the US markets are set to go for a down slide from here on.The Dow and Nasdaq have extended their losses yesterday too with a fall of 1.3% & 2.3% respectively due to slow growth rate and rising prices.Well there is also a talk that Fed may not lower the rates the next time it meets due rising inflation over there in US.
Almost all the sectors ended the day in red even the high performing mid caps also. BSE-IT,Power,Oil & gas,Realty,Metals,Pharma lost over 3% to 7% each.But at this stage many counters looks attractive in valuations.This could be another good time for the new players to enter the markets.But its advised to wait a bit further as there could be some consolidations still left in the markets especially after yesterdays red closings in the US markets.
But as we always say,the Indian story is of long term.So this short term jitters must be a reason of worry for the short term players not the long term ones.Markets are set to recover sooner than later.The markets may see some more selling coming in today.And may remain down too.Lets hope for the best.
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