The benchmark Sensex on Tuesday shed nearly 102 points extending the losses to the fifth straight session with consumer durables and IT stocks taking a hit.
Consumer durables stocks get a pasting
Up And Down
Up And Down She Goes
Where she'll stop
Nobody Knows
There seems to be little to act in the form of triggers for the market, this week.
However, no news is apparently bad news for participants, since the Bombay Stock Exchange closed over a 100 points down (Sensex ended at 14543.73 points), ostensibly on reports of the worsening financial crises due to sub-prime lending in the United States.
This has had the effect of depressing markets the world over - both the European and Asian markets closed in the red - apart from the US markets.
Devesh Kumar, managing director of Centrum Capital, feels the worst of the sub-prime crises might be behind us.
"Where it might end is anybody's guess, but local authorities have made it clear that they are not going to let things go bust," he said.
The National Stock Exchange, Nifty, fared no better, posting a 24-point loss (ending at 4368.25 points).There were 20 advances, as opposed to 30 declines in the Nifty set.
Consumer durables were among the worst affected stocks in Tuesday's plunge, with Videocon industries dropping nearly two per cent.
IT stocks, which had shown some resilience on a strengthening dollar, declined, with Satyam leading the retreat, losing almost three per cent. Infosys and TCS also dipped by 0.49 per cent and 0.1 per cent respectively, while Wipro bucked the trend, gaining a quarter of a percentage to close at Rs433.
Sugar stocks turned sweet for investors as they rallied smartly following a ruling by the Allahabad court that anulled an earlier order by the Lucknow Bench, which had upheld the Rs125 per quintal SAP for sugar manufacturing. Bajaj Hindustan and Balrampur Chini were among the gainers.
Meanwhile, experts see no clear trend emerging in the market right now, except of course for predicting that oscillations will continue.
A Balasubramanian, CIO of Birla Sun Life Mutual Fund, said, "I expect the market to remain range-bound. And that's a trend I see continuing for some time."
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