Sachin Chandsarkar, assistant manager, Karvy Stock Broking said that markets had a bad day today (March 13), Sensex was down 770 points to close at 15357 while Nifty ended below 4700 mark at 4624 down by 248 points. Markets tested this year`s low today.
Few hedge funds have written off their loses and also unwinding of Yen carry trade has led the market down. For the first time, Yen has fallen below 100 against Dollar. All the global indices ended in deep red, said Sachin.
All index based stocks ended in red. Realty stocks felt the blow. DLF, HDIL, Ansal housing were among the few major losers of the day.
He expects markets to touch 13800 on Sensex and 4480 on Nifty by this month end. Market sentiments are weak and markets will continue to remain weak on Friday.
According to Sachin, banking stocks should be avoided and stocks to be watched out are Bartronics, Punj Lloyd and JP Associates.
Prakash Rajdev, chief dealer, Khandwala Securities stated that global cues are driving the Indian markets and also yesterday`s weak IIP numbers are still haunting the markets. Realty, banking and metal sectors were worst hit today.
According to Rajdev, market support has been broken and is expected to move further down.
He advises investors to avoid markets at this point of time and also exit positions on every upward rally.