It has been a bad day for the market, do not let the Sensex or the Nifty fool you for a second it has just been very bad. We have just 150 advancing stocks in a market today compared to 1,100 declines, the midcap index is down nearly 3% and the smallcap index down 4%. Just take a look at many of the top liquid names on the national stock exchange, they are all down deep in the red so your portfolio would have shrunk today.

It is only a handful of stocks just half a dozen stocks like an odd HDFC or an odd ICICI Bank maybe Hindustan Lever, TCS, HDFC Bank, which has held the index out today otherwise this is a very misleading Sensex. The midcap side or the broader market is painting a very different picture altogether. Yes there was a 200 point gap up within minutes of opening but that did not mean much for the broader market because the midcap index has spent most of the day in red and all your names, which are in the portfolio barring a few stocks would be down quite a bit in the red.

So it has not been a good day, the names you have seen flashing on the screen are the trading favourites, those are down between 6%-12% today of course there have been some aberrations like S Kumars, which have fallen 25%. Many names like Cairn are down 1,312 or 13% and that metal space after the correction in the commodities world over the last few days has got completely decimated today.

Real estate has had a hard knock as well today and the Nifty is holding out for the moment at 4,549, which is about 90 odd points from almost 100 points of the high of the day. It has not collapsed because of the few largecap names I spoke about and the Sensex is still up about 95 points but this is a very disturbing market that we are sitting in make no mistake about it the broader market has seen a fairly substantial fall and a correction today.