Tuesday, January 8, 2008

Sensex @ 21k: Another day for another record

It was a day of contradictions and wide swings in the stock market.
The Sensex opened strong and crossed the 21,000 mark but then saw huge ups and downs and finally shed most of its gains to close flat at 20,878.33 up just 60.58 points.
The high was 21,077.53. Nifty closed 8.75 points up at 6287.85 and saw a high of 6357.10. There was tremendous nervousness in the market and this was obvious in the ratio of the stocks that advanced and declined.

On the NSE, there were just 155 stocks that ended positive and 1,081 that ended in the red. Mr S.P. Tulisan, a stock market advisor and member of the NSE said: “This could probably be the end of the rally in the mid-cap and small cap segments. But the market will be positive as here on the front liners will start performing. Overseas fund will come in January. The mid and small caps are usually favourites with the local investors.” Mr Nipun Mehta, CEO and director Unitis Tower Wealth Advisors P Ltd. is of the view that “the weakness in the market is definitely showing with almost four times more decline in stocks than advances. The mid cap index has fallen very sharply. This makes the market look very nervous and shaky.”