Negative sentiments

The market saw overall negative sentiments today, with the index seeing a sharp fall.

Forced selling by brokers (to adhere to regulatory requirements) and investors reserving funds for future IPOs, are the main reasons for the sharp fall in index, in our view.

The benchmark ASPI fell 136.65 points (1.80%) and the sensitive MPI tumbled 82.51 points (1.18%) to end the day in red.

Institutional investors were more on to the buying side into stocks like TILE, RCL and RICH. Retail investor participation was more quiet resulting in thin volumes, in our view.

Price losers outnumbered gainers 168 to 47. Foreign investors became net sellers generating a net foreign outflow of Rs 328.46 million.

The market has fallen 352.06 points (4.5%) Month to Date (MTD), indicating that the market has turned into a buyers' market, in our view. BMS Daily Report