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Posted by Shyam as Market News
Well it looks like the markets are in the mood of touching the lows of the current year after Jan Crash. The sensex lost 506 points today to settle at 15,066 levels. The worst happened in nifty when it touched the Jan 22 lows of 4,448 levels. In the intra day the markets had lost about 700 points,then due to some buying at lower levels the markets recovered from it’s day’s low of 14,846 points. Here is the chart of todays trading.
These levels are similar to March 17th fall in the Indian markets when sensex closed at 14,809 and nifty at 4503 levels. Some how the markets are looking extremely weak and analyst are expecting a fall of another 5% from here on.So we are yet to see the markets bottoming out. The major reasons being the crude oil prices which touched 139$/barrel levels and political uncertainty at the center.
The Asian markets were also trading lower today and US markets crashing on last Friday,this day was very much expected today. But the fall was steeper in Indian markets as compared to its Asian counterparts. Nikkei lost 2.13% and Indian markets lost 3.25% and more than 5% intra day. Currently the US markets have started trading in green for the time being. This shall have a greater effect on the Indian markets if they are to recover tomorrow to some extent.
With oil prices increased the inflation is expected to hit 9% + in coming days and may even touch the double digit figures. So this is a great worry for the markets in the coming days. The realty sector was the worst hit with the scripts like DLF,Omaxe etc trading at 52 week lows. Market breadth looked bad with 27 stocks in the sensex closing in red.Lets see where does the market go from here on.
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