Monday, September 29, 2008

Sensex ends below 13000 mark

MUMBAI: After touching a low of 3777, Nifty pared some of its losses and regained the 3800 level thanks to the huge call buying at this level. At 3:54 pm, Nifty was trading at 3824, down 4.02 per cent. BSE 30-share Sensex was at 12485, down 4.71 per cent.

Nifty October futures was at 16 points premium. Huge amount of call buying was observed at 3800 level. At the same time, put buying was observed at 3800, indicating a solid tussle between bulls and bears at this level.

Most of the potential institutional investors are keeping away due to global uncertainty even though the fundamentals are comfortable and it is the right time to enter the market.

Mirae Asset Global Investment Management says, "The present downtrend is due to big uncertainty on liquidity side and de-leveraging by the institutional investors, both domestic as well as foreign, despite the fundamentals still being positive.”

Top losers on Nifty were Suzlon (13.07%), ICICI Bank (-12.5%), IDEA (10.46%), Satyam Computer (-10.18%) and HCL Technologies (-9.70%).

Top gainers were BPCL (1.73%), SAIL (0.865) and Hindustan Unilever (0.57%).

Meanwhile, stocks dropped in Europe and Asia on rising numbers of corporate looking for a bailout.