It turned a bit sluggish in the afternoon as the European markets opened up a percentage point lower because yesterday Ben Bernanke did not say enough about QE3. The market got a bit disappointed. Fear of another fall in the US markets overnight kept the index under pressure.
We closed around 5,530 levels, just about 0.5% down which was dragged down by a few of the rate sensitives. The deputy governor of the Reserve Bank said that while they are watching the growth numbers closely, global commodity prices has still not come down to levels where they could breathe easy.
The market might have taken a hint that interest rates have just not topped out immediately. Next week, we could get a small hike from the Reserve Bank. Banks and auto stocks were under pressure, particularly names like Hero Honda, Maruti, Axis Bank and ICICI Bank.
ONGC fell off quite sharply. It slipped below TCS to the number four in the list of market cap in India. Now, the pecking order is RIL, Coal India, TCS and then ONGC. ONGC has lost Rs 40,000 crore of market cap since April which hasn
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