2December2008

BSE Sectoral Indices
(1Dec08)The day started with a ray of hope clearing the dark clouds of terrorist attack. Sensex opened 70 points up in line with asian markets showing mixed performances, mostly flat. Even when other sectors were in blue, BSEAuto Index was in red throughout the day. This is in view of dropping auto sales in fear of recession and Maruti Suzuki and Hero Honda taking the biggest hit of the day. Auto Index fell by almost 5% intra day and closed 4.64% down finally. In this fear of recession, it is most likely to fall further and gain new lows.
Another sector taking the toll is Realty. BSERealty sector has seen the most wide spread intraday. It gained +4.4% intraday and then reached -6.4% at day's low. DLF weighing 43% in the index caused the major set back when finally it closed 5.34% down.
Overall it was a day when all the sectors suffered. BSEBank went down 3.87%, ICICI bank causing the major damage. IT sector was 1% down. Important to note that Infosys weighs 56% in the index. Mid cap and small cap were better than Sensex. Mid cap down 1.36% and small cap down 0.21% better than sensex which closed at 2.78%.
Sensex opened firmly in blue. But immediately after Europe market opened in red, domestic market taking cue dived sharply.

Markets worldwide
S&P500 closed down 8.9%, Nasdaq down 8%, Dow Jones Industrial Average down 7.7% marked the summary of US markets crashing. Amongst the financial stocks, Citigroup fell 22.2%, Morgan Stanley 23% and Goldman Sachs 17%. This figures sounds very scary as this would affect asian markets. Nikkei (2dec08) already 5% down, Hang Sang 5%, Sensex also opened weak down 2.6%.