A brokerage firm came out with an interesting observation in its newsletter. According to it, entering the markets on Monday was like entering a discount sale. What you wanted was already sold out and the leftovers did not seem too attractive for the price. Nevertheless, the bulls prevailed on Monday amid fair opposition. On Monday, the Federal Reserve announced a 50 basis-point cut in the discount rate at which it lends to banks. This brought global cheer to the markets and India was no exception. But the ride was not easy. The major indices see-sawed throughout the day, slumping in the early afternoon, rallying in the late afternoon, and then giving up some of that advance right near the close.
By Tuesday, the cheer left. Bad news on the fallout of the turmoil in the US mortgage and credit markets hit the bulls hard. The current standoff between the UPA and the Left added fuel to the fire. The Sensex closed below 14,000 for the first time since May.
Wednesday the market picked up only to fall on Thursday and end in positive territory on Friday. Though the markets closed higher on Friday, most indices closed lower than Monday's close. The Sensex closed flat when compared to Monday's close. The Nifty, BSE Mid Cap, CNX Midcap, BSE Auto, BSE Bankex, BSE CD, BSE Healthcare, BSE IT, BSE Oil & Gas, BSE PSU, BSE Realty - closed lower on Friday than on Monday. The turnover on Friday was also the lowest in the week.
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When compared with last week's close, BHEL was the biggest Sensex gainer at 12.29% and Cipla the biggest loser at -6.76%. All infotech stocks lost: Satyam Computers (-0.77%), Infosys (-1.70%), TCS (-3.75%) and Wipro (-4.20%).
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