Indian markets ended with huge losses Monday as
investors continued to book profits across the board ahead
of June series F&O Expiry. Sentiments were also affected
with the poor opening of European markets and volatile US
stock futures Indices opened flat and were lackluster till
but gave away intra-day support with the poor opening of
European markets. The fall was triggered by index heavyweight
Reliance Industries. Traders have been exiting the stock ever since it lost
the gas distribution case against Reliance Natural Resources. Foreign institutional
investors were seen offloading Reliance Industries. Many stocks will be removed
from the F&O segment after this June series and they were being squared off.
Even global cues were not supportive we are expecting the Nifty to initially test
4115 level soon. The market breadth was negative - out of 2,675 shares traded,
1,493 declined and 1,114 advanced on the BSE.
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