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Experts view – No ‘sharp fall’ in the Indian markets.

The markets lost more than half-a-percent in today’s trade, led by RIL along with some IT stocks. Metal and some of the frontline banking stocks made some gains. The Sensex closed at 17870 (provisional), down 115 points from its previous close, and Nifty closed at 5366 (provisional), down 31 points. The CNX Midcap index lost 0.7% and the BSE Smallcap index lost 0.9% in todayÿs trade. The market breadth was negative with advances at 317 against declines of 985 on the NSE.

However, Ramesh Damani, member of BSE says that he sees no ‘sharp fall’ in the Indian markets. “The Market has already factored in the Greek default. There are no real signs of speculative froth in Indian markets,” says Damani.

The last trading session of the week didn’t bring any cheer to the markets with both benchmark indices losing more than 0.5%. IT, oil & gas and auto fared the worst today, with only defensive counters like HUL offering some solace to investors.

Some buying was also seen in metal stocks. The top Nifty gainers were Tata SteelAmbuja CementsBharti Airtel and RCom and the biggest losers included Sesa Goa,TCS, Sun Pharma and Grasim.


 

 

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