|  Thursday bruising for the markets -
August 29th, 2008
Thursday is fast becoming the most important day in the week for the markets. Ever since the inflation data began to be given out on Thursday instead of Friday, it has been a day of some significance for the markets.
Over the last two weeks, markets have ended lower in anticipation of inflation numbers that are expected to hit the markets hard, should they be above the general consensus. For fear of the figures, the markets have invariably closed on a pessimistic note and today was no exception.
The BSE closed 248.5 points or 1.74% down at 14,048.34 when the day's trade was completed. The Nifty had an equally bad time losing 1.82% to close at 4214.00 with a decline of 78.10 points.
The Nifty saw 16,04,82,429 shares traded with a turnover of 7,53,691.51 lakh rupees. FIIs were net sellers once again by 187.19 crore according to provisional figures available on the NSE. DIIs were net buyers, purchasing twice the amount sold by the foreigners with provisional figures pegging the net amount at 390.62 crore.
Nehru would have had a restless time in his grave had he been buried as his pet projects plunged almost to subterranean levels.All the sectors he had extended national patronage to, including the Capital Goods and PSU indices along with Oil and Gas showed dips ranging from 1.89% to 2.57%.
The US markets had a good day on the back of strong numbers for durable goods orders. The NYSE Composite ,NASDAQ Composite and S&P 500 all gained between 0.80% and 1.04% .
The Nikkei showed marginal gains at 0.12% whereas the Hang Seng lost 2.05% Among other markets in Asia, Taiwan and South Korea were down while China was up. European markets were mixed as well with Germany down and France rising marginally along with the UK.
The put-call ratio was at 0.96 indicating a somewhat pessimistic perspective on the markets. This view might change however, since inflation figures have dropped to 12.4% as opposed to last week's 12.63%. Mr. Arvind Bansal, CIO-Multi Manager Investments, ING Investment Management said,"The general reaction should be positive, however this dip won't have a major impact on the markets."
The rollover percentage market-wide was at 69.3% while for the Nifty,it was marginally lower at 67.1%.
Source : DNA India
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