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Oct 24, 2008

Markets gyrate like a yo-yo. Sensex sheds 398 points

Higher volumes, negative breadth as banks, midcaps nosedive

Statistics

Indices	Open	High	Low	Close	Change
BSE - 30	9,683.41	10,260.55	9,681.28	9,771.70	398.20
BSE - 200	1,163.17	1,214.29	1,154.86	1,162.48	48.23
NSE - 50	3,064.80	3,085.10	2,917.15	2,943.15	122.00
Bank Nifty	4,904.55	5,189.90	4,880.60	4,932.40	163.35
Midcap	3,752.20	3,801.90	3,701.50	3,712.70	126.35
CNX IT	2,553.20	2,769.65	2,504.75	2,603.95	45.80
Dow Jones	8691  172	Nasdaq	1604  12	FTSE	4088  47
Advances	846	Declines	2922	Put / Call trades - 460115 : 811734
FII Investments	Rs  11821 Crs Oct 1 - 22		Domestic Funds	Rs  709 Crs Oct 1 - 22

The BSE & NSE combined value of shares advancing was Rs. 2810 Crores and the commensurate value of shares declining was Rs. 11384 Crores. This indicates a selling bias. The total traded volume on the BSE was Rs. 3755 Crores. The total traded volume on the NSE was Rs. 10553 Crores.

The markets opened on a weak note and proceeded to log high volatility as bear covering pulled the markets in the green before succumbing all over again. The traded volume spiked as result of the volatility and the market internals were negative. The under performers were the banking and midcap stocks. These are signs of a shrinking retail appetite. The Rupee plumbed lower and the FII figures continued to be negative. The Sensex was boosted by BHEL, Grasim, HDFC Bank, L&T, ONGC and TCS. The Rupee ended the day at 49.82 levels ( 00.52) against the US $.

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• The markets are likely to take note of crude prices which are higher at US $ 67.84 / barrel

• The FII inflows were negative by Rs 272.90 Crs as on Oct 22, 2008. That is likely to be a trigger in the absolute short term.

• The f&o indicators point towards a higher turnover and marginal short covering as the PCRs were - stocks 0.19 (previous 0.19), nifty 0.71 (previous 0.74) and market wide 0.34 (previous 0.35).

• The market breadth points towards a bearish bias as the losers are outnumbering the gainers. The BSE & NSE combined advance decline ratio between Mon - Thurs stood at 5766 : 9327.

• The overseas markets have been divergent as the US was up and the Asian markets are down. This is likely to be a pressure point for the domestic markets.

• Please refer to the technical segment along with the recommendations column for a complete perspective on the market trends.

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Technicals

This segment is for paid subscribers only

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Have a profitable day.

 

Vijay L Bhambwani

Ceo - Bsplindia.com

The author is a Mumbai based investment consultant and invites feedback at Vijay@BSPLindia.com and ( 022 ) 23438482 / 23400345.

Mandatory disclosure - The analyst has positions in the stocks recommended above.

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