Market Overview
The market, snapped a three-day rally as world equities fell, with global-growth worries, European sovereign-debt concerns and a US mortgage lawsuit against 17 banks depressing investors' appetite for stocks.
Sensex closed down 108 points or at 16713.33 and nifty closed down 22.80 points or at 5017.20.
The market breadth, indicating the overall health of the market, turned positive from negative in late trade. BSE Small-Cap and Mid-Cap indices were in green.
Market Outlook
Today global markets are negative and we may see a dull opening on our marets as well.
The pain continues in the sectors like IT and banking stocks but fresh buying is seen in infra stocks and realty.
The markets are still in doldrums after India's services sector grew at its slowest pace in more than two years in August 2011, throttled by feeble expansion in new business as a faltering global economy and tight domestic monetary conditions weighed, a survey by Moody's showed.
Though Moody's Investors Services affirmed its Baa3 rating for India's foreign currency government debt and its Ba1 rating for local currency debt in an annual credit analysis released on Monday, 5 September 2011. The ratings firm assigned a positive outlook to India's rupee-denominated bonds, saying it will consider a unified Baa3 rating for all bonds if India improves its fiscal position and its commitment to strengthening the domestic market. The outlook for foreign-currency debt is stable.
We still remian cautious on markets.
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