Sensex Down

Global cues clearly had a downward influence on our markets as the weak opening indicated. All leading sectors that have otherwise helped hold the indices up, PHARMA, IT and FMCG succumbed to the onslaught of the negativity that has suddenly hit global markets, particularly on the back of weak data from China, Europe and in certain parts, even the US. It is clearly a market that is trending on the basis of FII flows (outflows at this stage) and is ignoring the announcement of earnings from the domestic Co’s. This behaviour is also indicative of the uncertainty that prevails in the minds of most domestic traders, given the listlessness that creeps into our markets at lower (closer to 5900) and even higher (closer to 6100) levels. We continue keeping a close watch over the international developments particularly in the emerging markets and the likely impact that the taper may have on our currency and equity markets as well.

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