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Market Slumps Again

Market Slumps Again

Tuesday was was certainly no day for the bulls to celebrate. The Interim Budget yesterday (Monday) was disappointing and news on the fiscal front was scary. 
The U.S. market was closed for President’s Day, but markets across Europe, Asia and Latin America fell.
Japan grapples with its worst economic crisis since the end of World War II. Britain was warned it faces the worst recession in almost 3 decades. The Group of Seven offered no solution to revive global growth. Commodity prices sank.

In this background, no one expected a miracle today (Tuesday). Most of the Asian indices fell and the European markets also opened on a negative note.

The Sensex kept sliding to hit an intra-day low of 8995. Finally, the Sensex declined to close at 9035 and the Nifty closed at 2770.

All the sectoral indices were hammered with BSE Realty leading the slump, followed by BSE CD, BSE Bankex and BSE Metal.

The market breadth was extremely weak. Of the 30 Sensex stocks, only ITC advanced. Tata Steel, ICICI Bank, DLF, M&M and Hindalco Industries were the biggest losers.