It has been a tough day for the markets. It never looked like getting out of the woods, started very badly gap down and then it has never got even close to that red line which is yesterday’s closing.
Small attempts at the recovery got sold into and we have come right back broadly in a 200-point range from sub 18,000 to around 18,200 is where we have been just tooing and froing. So it has been a deep down day and within that down day we have seen little bit of a rangebound trade but nothing to get terribly excited by Let us see as we enter the last one hour of trade if we can pullback somewhat and close between that 5,300-5,350 mark.
Q: Even this much of a cut is a lot better than where we started off and a lot better than what many other Asian markets did today?
A: It is but that’s clutching at straws. The point is that we are getting extremely linked with what’s going on globally over the last few days. So earlier what we would have been seeing that markets would fall with the global markets in the morning but then recover in the second half of the day that’s not playing out. We seem to be very closely linked with what’s going on even on a closing basis with global markets. So once again that familiar syndrome has come in which is track the globe, track the Dow track the Nasdaq everyday and that’s what playing out.
So it’s quite disheartening that markets are not recovering at all despite sporadic attempts they are getting sold into and stock prices are going back to where they came from. I think we have stuck closely to 18,000 zone give or take few points; stock prices have not recovered meaningfully. Yes, there is a bit of action in the midcap side of the market and in specific stocks as we will hear soon there has been some activity particularly in the speculative stocks like Nagarjuna Fertilisers, RNRL etc but even so it will at best go down as a flat to weakish kind of session; the recovery or the lack of recovery is little disheartening.
No comments:
Post a Comment