What can pull back mkts?

Today was another weak session for the market. Nifty closed below the 4,400 mark, Sensex is pretty much the same picture. The Asian markets also didn’t do too much in today’s session most of them were range bound. Most of the markets particularly the Hang Seng and Nikkei was a cut of about 2% but broadly speaking it was a weak session. Even the broader markets have succumbed to selling pressure not as much as the benchmark indices. The turnover amidst all of this was very bad by the time we wrapped up trade, and the advance decline ratio also supported that.

Sector wise, it was all about consumer durables, IT and auto stocks, which were weak in today’s session. Metals as an index did not do too well in today’s session. Hindalco, Nalco were down. Hindalco has not been doing well for second day in succession.

Telecom was a big story that played out with Internet Telephony doing the rounds. It seems that these companies would see a hit on their Average Revenue Per User (ARPUs) and particularly the revenues they earn on long distance calls. So, most of the stocks sentimentally got impacted because of that bit of news. Autos did not do too well in today’s session. From the oil and gas space Reliance Industries, ONGC were under pressure as well. Nothing came out of the meeting between the Petroleum Minister and the PSU oil companies but those stocks were sentimentally down. ONGC was down about a percent.

From the liquid universe, there was not too much of action but we saw couple of liquid stocks close up with mild gains. There were midcap buzz in Vishal Information Technology a recent listing and Subex Azure. Both of them came up and there was a fair amount of excitement that was seen in sugar stocks as well. So net-net still stuck in a limbo, let’s see what trigger really helps us break out of this range.