With every passing day the Indian markets are touching new yearly lows in 2008.Atleast these are what the indications are from the Indian share markets. And from the highs of Jan 2008 when sensex touched 21,207 levels, the markets have already lost 39% this year till yesterday,Jul 1st,2008. The only relief being the Chinese market which has lost nearly 48% in the current year.

The stock markets crashed by another 500 points or 3.71% from its previous close and nifty shut shop at 3897 down by 144 points of 3.69%. Midcaps and small caps lost about 4.8% each. The realty,banking and auto were the worst hit ones. The next support level for nifty is at 3,640 levels and sense may find support at 12,300 levels.

This has led to ousting of India from the trillion dollar club economies. Now the total worth of all the listed companies in the Indian markets stand at $966 billion. Meanwhile in yesterdays trade the US markets closed marginally up gaining 0.3% to 0.5%. Nikkei-225 seems to be continuing the 9 day falling streak.Nikkei-225 and Hang Seng are trading lower now by close to 1% each. So a both side movement is expected today also. Markets may further slide from here on.

The main reason behind the steep fall in the Indian markets are being attributed to rising international crude oil prices, rising inflation, political uncertainties and higher interest rates. The P-E ratio of Indian companies now stand at 13.34 times down from 28.5 times in the beginning of the year. All these are also putting an impact on the Rupee which is now expected to head towards 44 levels.

Now time for some Intra day calls for jul 2: HCL Tech(cmp 258), NTPC(cmp 153), Tata Elxsi(cmp 208),India Infoline(cmp 514),United Phosphorous(cmp 288), Gammon(cmp 230),Orient Press(cmp 37), Titan(cmp 1001),Tata Comm(cmp 380).

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