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Southward momentum continues, textile stocks hammered
Markets witnessed a further correction during the week as the Sensex fell further
to lower levels touching 5593 during the week to recover again touching 6000
levels. However, a panic sentiment gripped the markets as FII’s slowed
down the pace of investments and domestic mutual funds remained lackluster.
The Sensex closed the week at 5758 points — 94 points lower than previous
close.
Textile stocks were under consistent selling pressure. Reliance fell to Rs 579
despite posting better than expected results with a net profit rise of 27 per
cent to Rs 1,374 crore during the third quarter. Other stocks like Raymond,
Siyaram, Zodiac, Clariant India and Ciba all witnessed a bear hammering, losing
close to 6-10 per cent during the week.
As recommended earlier volatility continues in the stock markets. Investors
should avoid short term day trading and stick to investments for the moment.
It is expected that the markets may remain volatile and move in a range of 5600
to 5900 levels before moving in an upward direction.
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