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A maturing market amid the mayhem

Sensex snaps 3-day rise, ends 0.9 pct lower

March 17, 2009

The Sensex seesawed and ended down 0.9 percent on Tuesday, snapping a three-day rising streak as investors booked profits and weak European markets dampened sentiments.

INDIAIndex heavyweight Reliance Industries ended nealry 2 percent lower and SBI slipped 3.8 percent.

The banking index shed 2 percent, followed closely by the IT index which ended 1.7 percent down.

TCS slipped 4.8 percent and Infosys lost 1.8 percent in the session. However, Rolta India bucked the trend and rose over 17 percent. It was the top traded counter on the BSE.

Satyam shares slipped 3.7 percent to close at 43.55 rupees. The Economic Times reported today that L&T was talking to private equity firms to jointly bid for the outsourcer.

Overall, the market traded weak and was unable to sustain the gains of the past few sessions. Do you think today’s fall is an aberration and the benchmark will bounce back tomorrow?


Sensex mood is getting guided by cross- movements in DJIA,Nikkei and FTSE 100.It tends to start with one mood but shifts its course as other indexes sway.
The fear factor is still prevailing in markets.Investors are hesitant to take a long position.They are unsure about the outcome in results of 15th Lok Sabha.Many fear that a clear mandate about political majority would wait till 16th Lok Sabha which may not be far off.
FII sell off is slowing.LIC is progressively increasing its holding in banking companies.This is a positive development.
Sensex may recover most of its losses suffered in 2009.It could come close to 9250 level.

Posted by A.Kapoor | Report as abusive

As you said Mr Kapoor, political uncertainty does hurt investor sentiments at times. Let us see where markets move from here!

Posted by Aditya | Report as abusive

today market made high of 2805,were is high resistance area starts,ie above 50 DMA.Real test of our market start levels above 2810 ,2835,2870


Does anybody know what happened to IBM participation in Satyam bidding ??

Posted by Anitha | Report as abusive

Satyam is not willing to invite inspection of its books of account nor keen to give proof about its client relationships to any prospective bidder.
The exact position about the outsoucer’s health is not clear yet.
It is going to be a game of russian roulette.Wonder who will bite the bullet?

Posted by A.Kapoor | Report as abusive

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