Indian markets faced a severe selling pressure on the news that some of the European banks are also facing problems similar to US banks and seeking heavy bailout packages from respective governments has led Indian markets to see new lows since march 2007.
Metal stocks and Real Estate are the ones which are facing heavy selling pressure, highly leveraged stocks such as Aban Lloyd, DLF, Unitech, private banking major ICICI bank saw heavy cuts in today’s trade.
As per the traders, market is expected to see four digit tick on sensex in next few days.
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Last month in January FIIs were Sellers to the tune of $ 3 billion, whereas in the year 2007 they had net investments of $ 17.23 billion. Majority of the selling happened during the recent market crash between 16th Jan to 24th Jan, they sold $ 3.65 billion worth of shares. February seems to be better compared to January, as per SEBI data for 4th feb they were net buyers of $ 944 million.
We feel the major sell-off has already happened and the market has already seen its bottom. The market is likely to remain volatile but unlikely to go below the January low. Investors should buy at every fall but stay patient as the market will remain volatile for few more months.
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