Bad day for Satyam, Unitech, JP Asso, GMR Infra
Published on Thursday, January 15th, 2009 at 5:54 PMAuthor: admin (5507 Articles)
It was not a great session but it could have been worse. The way it was going at 2:00-2:30 pm, it did appear for a moment that it would be a closing below 2,700 but the blushes have been spared at least for the day. Globally too markets are okay, drifting – Europe has not added to its losses, in fact has recovered from the lows of the day but Europe can be a volatile beast as one saw yesterday. Even the Dow Futures which was trading about 100-points down is now cut to about 40 points. So some hope may be after six straight sessions of losses, the Dow at least tries to put in a little bit of an effort out there.
That perhaps is the reason why there has been a little bit of short covering towards the end that has taken the Nifty back to about 2740 kind of levels. The Sensex is going to close about 300-points lower at 9,060. But the averages will drag it down may be closer to that 9,000 mark and the Nifty probably closer to that 2,725 kind of levels on a final closing basis.
It has been a bad day but particularly bad for stocks like Satyam, Unitech, JP Associates and GMR – those have got brutalized. But for the overall market it has been just about an okay kind of day. There is a 3% cut on both the Sensex and the Nifty – that’s pretty much inline with the average across global markets today in Asia because all markets were down. Today was a global fall. The breadth also was quite negative – 270 advances to about 890 declines.
Source : MoneyControl
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