A Hard Week On The Street:5th Day Of Fall,Loses Over 687 Points

21 Jan

Posted by Shyam as Market News

The losses on the D-street continued on its 5th consecutive day.Sensex lost over 687 points or 3.61%.Similarly the Nifty too lost 208 points or 3.64% during the day.The FIIs have been net sellers for the last 2-3 days.During the week sensex lost over 9% and Nifty lost 8%The mid caps and the small caps also extended their loss 7% and 4.5% respectively.The markets started the day in red and in the later half of the trading session and towards the close in went down drastically coming under heavy selling.

As I said that Nifty has a support level at 5800 and it was also breached so the markets went down further. Meanwhile some stocks like Ranbaxy, Ambuja Cements and Grasim Industries gained marginally and some like DLF, RIL, NTPC, ICICI Bank and HDFC Bank lost their ways.Of the stocks recommended here Jindal world closed up 4.2%, Essar shipping closed up by 5%.

HDFC had announced its Q3 results on Friday posting growth of 82.5% in its net profit of 649 crores.Inflation has also rised from 3.5% to 3.79% this week which is still under control as RBI has a target of keeping it below 5% level mark.

Certain counters have not been doing well for some time like Bharti which is showing a lot of lateral movements.Some analyst are in the view that in the medium term it might remain bearish.Lets hope the markets open up to recover at least to certain extent on Monday morning.If sensex maintains the 19200-19300 we can see some good support coming in and after that we may see some buying coming in the markets.A lot depend upon the FII activity and the US markets now.The sooner they recover the better it is for all the investors.