Nifty ends below 4200 for 1st time since Aug 2007
24 June 2008
Markets witnessed sharp sell off for fifth consecutive trading session on the back of heavy selling from foreign investors, especially European investors. It seemed like bears become uncontrollable for bulls. Sensex and Nifty have touched new 2008 lows; Nifty slipped below 4200 and the Sensex below 14000 mark, the crucial levels. Heavy sell off in European markets also fueled to further weakness in the markets. Midcap and small cap stocks also hammered a lot.
It was a mild bounce back in opening trade after heavy sell off in last few sessions but that could not sustain for long. Markets had turned choppy and in the second half of session, it caught again in bears' grip. Last hour of session was very critical for the markets; heavy sell off has seen across sectors.
Reliance Industries was the only stock, which tried to hold back in the green and being supportive for the whole markets but crack in other heavyweights have put more selling pressure. The stock has touched a high of 2133.70 (5.5% over previous close) before closing the day at Rs 2066.20, up 2.18%.
Both indices closed at new 2008 lows. The Nifty ended below 4,200 for the first time since August 24, 2007, even the Sensex breached psychological level of 14000 in the last five minutes of trade but managed to back above that level at close. The Nifty touched a low 4156.10 before ending at 4191.10, down 1.76% or 75.3 points. The Sensex finished at 14,106.58, down 186.74 points or 1.31% after hitting an intraday low 13,991.31.
Turnover traded by the markets stood at Rs 87406.31 crore, which has been improving since last few sessions. This includes Rs 11760.63 crore from NSE Cash segment, Rs 70250.13 crore from NSE F&O and the balance Rs 5395.55 crore from BSE Cash segment.
Amongst frontliners, NALCO was down -9.09%, Sun Pharma -6.77%, Tata Power -6.25%, HUL -5.37%, Tata Steel -4.60%, NTPC -3.92% and ONGC -3.61% while Suzlon Energy gained 5.09%, BHEL 2.85%, Ranbaxy Labs 2.33%, HDFC 2.28% and Reliance Ind 2.18%.
