India market review - by kesh_wal
Capitulation was once again the buzzword in Indian market today. In my view, sharp cut in realty, banking, metal, power, auto and capital goods stocks have dragged major indices sharply lower. On the other side of the coin, midcap and small cap stocks crushed very badly. Sensex and Nifty breached their psychological levels of 13000 and 3900, respectively. Main draggers of both indices are ICICI Bank, Reliance Industries, Reliance Communication, HDFC, SBI, DLF and ONGC. Point to be noted here is that the Sensex has broken 13,000 for the first time since April 9, 2007 and Nifty 3,900 for first time since April 13, 2007. Sensex touched an intraday low of 12,904.09, down 557.51 points or 4.14% as against its previous close. It closed at 12,961.68, down 499.92 points or 3.71%.
There is not much of a surprise that Indian Rupee has declined on the back of rising crude and falling equities. Turnover traded by the markets stood at Rs 64986.98 crore. This includes Rs 12064.19 crore from NSE Cash segment, Rs 47969.80 crore from NSE F&O and the balance Rs 4952.99 crore from BSE Cash segment.