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Sensex slides 235 pts on heavy sales

Indian stocks dropped on Monday as jitters of a global credit squeeze and apprehensions of a cool-off in the US, reports Vyas Mohan.
By Vyas Mohan | Hindustan Times, Mumbai
UPDATED ON AUG 06, 2007 10:52 PM IST

Indian stocks dropped on Monday as jitters of a global credit squeeze and apprehensions of a cool-off in the US, the world's largest economy, hit Asian markets yet again. The benchmark Sensex of the Bombay Stock Exchange ended a volatile session lower by 235 points, or 1.55 per cent, at 14,903, while the 50-share Nifty of the National Stock Exchange lost 1.41 per cent, or 62 points, to close at 4,339.50. During the day, the Sensex oscillated between 14,705 and 14,928 points.

Funds and the Sensex

FII flow
July 23, 2007
15,732

+1,096 cr
July 27, 2007
15,234
-1,222 cr
July 31, 2007
15,550
+433 cr
Aug 1, 2007
14,935
-982 cr
Aug 3, 2007
15,138
+192 cr
Aug 6, 2007
14,903
-1395 cr*
Provisional
Analysts said the duration of this correction could not be predicted due to its very nature. "No one knows how deep it is. In the recent past, money came in fast, corporate results were good and the indices ran up at a high pace. Now there is a global issue and money is going into safer markets. One may have to wait for a few days to see how this market turns out," said Anil Advani, head of research at SBI Capital Securities.

In July alone, foreign institutional investors (FIIs) pumped in Rs 23,872.40 crore, more than the Rs 18,932 crore that came in the previous six months.

According to brokers, FIIs have been selling in most emerging markets to reduce their exposure to equities. However, in August, they have sold equity worth a net Rs 775.30 crore, while domestic mutual funds have bought shares worth a net Rs 102 crore.

Though the gap between Nifty August futures and the underlying has shrunk to 17.50 (indicating a build-up of long positions at lower levels), derivative analysts expect bears to dominate the market through the week.

"The Nifty futures discount to the underlying has reduced as investors are willing to get in at lower levels. However, bears could have an upper hand till the end of the week," said Guru Datta Dhanokar, derivatives strategist with Almond Global Securities.

All major Asian indices except those in China closed on Monday in the red.

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