MARKET VIEW 16 JUNE 2009

It was a bad day for Indian equity markets as the indices closes in red with deep cuts. While Sensex closed below 15000 mark at 14875.52 (Down 362.42 Points) Nifty closed at 4484 (Down 99.40 points). In the morning the weakness in the Asian markets was spilled over to Indian markets also and hence the indices opened in red. Then some buying happened in the Banking and Real Estate sector on account of rumors of CRR cut. But the heavyweight Reliance Industries declined and pulled the Sensex in negative zone. The reason being, Bombay High Court has recommended that RIL should ensure 28 mmscmd gas supplies to RNRL. On the Sectoral front only FMCG managed to close in green while all other indices closed in green. Metals, Capital goods and Oil indices were major losers. Market breadth was negative with 1876 declines and 767 advances.