Markets end lower but off lows; Realty down 7 per cent

12 November 2008

The markets closed deep in the red in what was an extremely choppy day, but managed to pullback from the day's low. Both the benchmark indices --Sensex and Nifty -- slipped below their psychological 9,500 and 2,800 mark respectively. All the sectoral indices closed in the red with realty, banking, metal, capital goods, oil and gas, and power seeing heavy selling pressure.

India worst performing markets among Asian peers for second day running.

As per provisional numbers, the Sensex was down 335.61 points, or 3.41%, at 9504.08, while the Nifty ended 77.15 points lower, or 2.63%, at 2861.5.

About 959 shares have advanced, 2008 shares declined, and 225 shares are unchanged.

It seems that an incremental flow at FIIs desk was negative. Fears of fresh redemption pressure for many hedge funds. Bids offered in mid cap stocks not going through; lack of buying interest. Domestic funds not active buyers in second half.

The BSE midcap and smallcap indices were down 2.25% and 1.92% respectively.