The bourses kicked off a fresh week on a dull note and wound up with significant losses.
The Bombay Stock Exchange (BSE) Sensex closed at 3461.38 (down 38.12 points) and the National Stock Exchange (NSE) S&P CNX Nifty ended at 1089.20 (down 11.05).
The market breadth was slightly negative as the ratio of gainers to losers on the two exchanges combined was at 1220:1279.
Traded volume on the BSE was Rs 1,107 crore, while it stood at Rs 2,365 crore on the NSE.
The capitalisation of the market breadth was negative too, with the numbers being Rs 1,624 crore: Rs 2,105 crore on the two bourses taken together.
An analysis of the market breadth bares selling pressure on select index heavyweights, which, in turn, shows a profit taking tendency at higher levels.
The noteworthy point is that the Nifty has been unable to surpass the 1106 top it made in January 2003.
This previous top is acting as a near-term trend determinator.
The downward correction is likely to see the index at the 1070 levels in the coming days as this level is a strong support on short term charts.
The outlook for Tuesday
