As per market buzz, a portfolio management scheme run by one of the biggest operators is facing big redemptions. With this being a curtailed trading week, traders are unlikely to build large positions. The market remains closed on Thursday (20 March 2008) on account of Id-E-Milad and on Friday (21 March 2008) on account of Good Friday.
The specter of more margin calls after a recent sharp slide may weigh on the bourses. Sensex tanked 951.03 points or 6.03% at 14,809.49 on Monday, 17 March 2008, as the fire sale of ailing US bank Bear Stearns and the Federal Reserve's emergency cut in its discount rate intensified concerns that there could be more victims of the global credit crisis. It was the second biggest single day point loss in the barometer index. Margin calls are normally triggered when markets show hyper volatility or witness abnormal slides
As per provisional data, FIIs sold shares worth a net Rs 658.22 crore on Monday, 17 March 2008. Local funds bought shares worth a net Rs 211.48 crore on that day. Foreign institutional investors (FIIs) were net sellers of Rs 435.32 crore in the futures & options segment on Monday. According to data released by the NSE, FIIs were net sellers of index futures to the tune of Rs 287.77 crore and bought index options worth Rs 69.60 crore. They were net sellers of stock futures to the tune of Rs 204.87 crore and sold stock options worth Rs 12.29 crore
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