It was extremely weak day for the markets wherein the Sensex and Nifty opened with huge gap down on the back of weak cues from the global markets. All the key indices traded in deep red through the day barring pharma and auto index which were holding up in green till mid trading session but slipped in late trade.
Sensex ended down 900.84 points or 5.12% at 16677.88, and the Nifty closed down 270.50 points or 5.18% at 4953. About 524 shares have advanced, 2466 shares declined, and 55 shares are unchanged.
Anil Manghnani, Modern Shares & Stock Brokers feels that IFCI is seeing excesses at the moment. He feels that if the market cracks further, the Reliance pack will get affected.
On IFCI:
IFCI is also pretty much seeing excesses. Slowly we are moving away from growth and momentum to probably defensive and value buying - that’s why one is seeing your HULs or Ranbaxys or Ciplas - these stocks were beaten down for a long time that’s where the money is moving in.
On RPL:
My gut feeling is that if the market cracks further, Reliance pack will get affected because of the excesses but otherwise RPL on the charts still looks okay and a fall can still be bought into.
Source: Moneycontrol.com
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