Market Under Pressure As Momentum Beaks
By Arrangement with http://ak57.in/
ARUN KEJRIWAL writes -The breadth of the markets was extremely negative and for every five declining stocks, there was just one gainer.
The week gone by had four trading sessions but the action and drama that unfolded, was on expected lines. The final closing does not give any sense of what transpired during the four sessions. For the record book, BSESENSEX lost 107.97 points or 0.19% to close at 55,329.32 points. NIFTY lost 78.60 points or 0.48% to close at 16,450.50 points. The broader indices saw BSE100, BSE200 and BSE500 lose 0.60%, 0.65% and 0.89% respectively. BSEMIDCAP was down 1.14% while BSESMALLCAP lost 2.27%. To continue with the story, BSEFMCG was up 3.92% while BSEMETAL lost 8.62%. In individual stocks one saw Hind Unilever gain Rs 214 or 8.90% followed by Britannia Industries gaining 8.89% and Nestle 7.03%. On the losing side, Vedanta was down 17.99% followed by Hindalco 8.65%, JSW Steel 8.54% and Tata Steel down 5.82%. The bulk of these gains and losses came on Friday when the market was sharply down. Hind Unilever contributed gains of 108 points on BSESENSEX while Tata Steel lost 88 points.
The benchmark indices made new highs, both on intraday basis and closing basis during the week as well. BSESENSEX touched 56,118.570 points on intraday basis and 55,792.27 on closing basis. NIFTY made an intraday high of 16,701.85 points and 16,614.60 points on closing basis. The breadth of the markets was extremely negative and for every five declining stocks, there was just one gainer.
The Indian Rupee lost 13 paisa or 0.18% to close at Rs 74.38 to the US Dollar. Dow Jones hit a new lifetime high and intraday high on Monday the 16th of August at 35,631 points and 35,625.4 points before correction set in. The week closed with losses of 395.30 points or 1.11% at 35,120.08 points. Concerns on Fed tapering, rising inflation and fallout of Afghanistan withdrawal are top on the minds of US markets.
Details: http://ak57.in/general/market-under-pressure-as-momentum-beaks/11919/
The author: 1957-born, Arun Kejriwal (AK57) is a well-known figure on business television talking about markets and with a clear focus on the retail investor. AK57 was a freelancer and a columnist. Known for his bold views, he is currently working as a business strategy advisor to corporates and HNIs.
