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Wednesday, Mar 23, 2005

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Market sees the blues; Sensex sheds 121 points

Our Bureau

Mumbai , March 22

MARKING the end of months of exuberance stock markets tumbled on Tuesday, driving home the point that markets do not move only one way.

Though the bourses have been tepid and sluggish over the last few sessions, the loss of so much ground today did take many by surprise.

Markets went into trade without any positive triggers, on the back of slowing FII inflows and weak Asian markets.

The benchmark indices opened weak and stayed in the red all day. The second half of trading, however, pushed the indices into further losses.

The Sensex shed 121.24 points to close at 6,535.45, a loss of 1.82 per cent. The Nifty ended trade with a loss of 35 points and closed at 2,061.60.

Market participants are divided over the impact of today's fall. A section of the market is turning cautious with a view that if the Sensex slips below the 6,500-level, then the markets could be in for a slightly extended slump.

The counter view on the market sentiment is that of a temporary slump. Markets have slid on poor volumes; this indicates that there is no buying in the market, rather than the more daunting prospect of panic selling, according to brokers.

The BSE registered trades of 21.3-crore shares worth Rs 2,067.77 crore. At the NSE, 29.56-crore shares aggregating to a value of Rs 4,143.79 crore were traded.

Brokers are advising their clients to be cautious in the current market conditions.

A lot of fund managers are also sitting in higher cash positions than usual.

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