Visible recovery in the last couple of hours of trade today saved the day for the Indian equity indices. TheNifty, which was at a 52-week low, managed to end the day at 5,211, down 120.55 points, led by bottom fishing and technical pullback.
Benchmark BSE Sensex fell over 700 points in an intra-day trade on the back of sell-off across the globe on fears that the US may get back into recession again. Major US indices Dow Jones,NASDAQ Composite and S&P 500 tumbled between 4% and 5% on Thursday.
Mark Matthews of Julius Baer feels that the next few days will be critical for global markets. The US markets plunged sharply, with the Dow down more than 500 points, in its worst one-day drop since December 2008. "There could be further global correction due to sentiment damage," he said.
However, some recovery in the European markets and US index futures turned good for the Indian markets in the last couple of trade. France's CAC, Germany's DAX and Britain's FTSE, which were down more than 3% in initial trade, were down 1-2.5% at the time of closing of Indian equities.
1 comment:
Sensex bounced exactly from the level of 16990, I had mentioned that sensex could hit 16969, sensex bounced exactly from 16990.
What next?
August will be volatile month and will see turbulent markets, the present correction would end in September, when markets take off in a big way.
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