4449.80 - Nifty's fresh closing low for 2008

CNBC-TV18s Executive Editor, Udayan Mukherjee – The Sensex will close below 15,000 today; 14,900 or just around that level because the averages might drag down the final closing a bit. The recovery happened around 3:10-3:15. So maybe the averages drag down a bit but should be around 4,440 mark for the Nifty and around 14,870-14,880 mark for the Sensex. On adjusted basis as well, the midcap index would close in the red, the advance decline will still be negative with 440 advances to 780 declining stocks. Average volumes have picked up in the last couple of days perhaps on account of volatility. Turnover is around Rs 60,000 crore for today’s trade as well.

Disturbingly this is again a fresh closing low for 2008 for the Nifty. The Sensex did touch an intra-day low of 14,640 odd; 14,677 was the previous low. It’s now closing around 14,800. So it has not probably made a lowest closing but the Nifty certainly has done. So despite the recovery which will stand out as a salient feature of the trading day, we are still going to close on an adjusted basis about 50 points odd down on the Nifty and 1% down on the Sensex as well. So, not as bad as it could have been but still not great session.