Market ends low on account of profit booking and following Asian peers

Commentary

oi-Shoaib MD

By Shoaib Md

Published: Wednesday, August 24, 2011, 17:08 [IST]

Indian major index Sensex started out on a positive note but it fell down following the imprints of the Asian peers. The low closing was as the account of profit booking according to local brokers.

On Friday, the Federal Reserve Chairman, Ben Bernanke will be speaking at the at the US central bank's symposium at Jackson Hole. This is the most awaited part. If there is no major news from Europe or any other country then in this week, the markets could be range bound or be tilting on the downside.

Asian peers, as investors refrained from taking fresh bets amid an uncertain global economic environment. At the end of last week, the main indices saw fourth straight weekly loss, longest streak since the collapse of Lehman Brothers in September 2008.

So far foreign funds have been on a selling spree, they have reduced their holding of the Indian stocks worth about $1.9 billion in August, meanwhile they had purchased $1.7 billion in July.

Among the NSE indices, the CNX PSU Bank fell the most by 85.15 points representing 2.54% this was followed by Services by 74.75 points and 1.27%. Even the best performing sector fell, ie CNX Pharma by 7.65 points and 0.17%.

Meanwhile on the Bombay Stock Exchange the Sector that fell the most was BSE Auto with 191.62 points, for 2.31%. And the sector that fell the least was BSE FMCG it was also in red as it had fallen 1.52 points representing 0.04%.

The stock that gained maximum were Morgantile Crucible, it went up by 20%. Followed by MVL Industries as it had increased by 17%.

The biggest losers in the equity market was Shree Ajit Pulp & Pa with 15.7% followed by Kriti Nutrients 14.1%.

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