| Bear market confirmed by southern breakout |
| MACRO TECHNICALS |
| Devangshu Datta / New Delhi March 10, 2008 |
| After several weeks of range-trading, a clear trend was finally established post-Budget. Unfortunately, it was down. The Nifty dropped to 4,771.6 points, a week-on-week loss of 8.65 per cent. The Sensex was down 9.12 per cent at 15,974.52 points. The Defty lost 10.04 per cent as the rupee weakened as a consequence of dollar outflows caused by foreign institutional investor (FII) selling. Domestic funds were also sellers. |
| Background and breadth indicators were also poor. Volumes remained low, and declines far outnumbered advances. Smaller stocks lost more ground. The Nifty Junior was down 14.45 per cent and the Nifty Midcaps was down 11.31 per cent. The BSE 50 lost 10.59 per cent. The BankNifty lost an extraordinary 16.35 per cent while the CNXIT was down 5.59 per cent |
