Tuesday, 8 July 2014

Share market–Index zooming upward but with a trend downward:


Sensex crossed 26000 mark yesterday for the first time in its history with Nifty following it on the same pattern. Today morning the session started on an encouraging note and continued its momentum for first few hours but collapsed reaching -517.97 Sensex and -163.95 Nifty by the time it closed for the day. It was a record high of 26,123.55 points for the Sensex on Monday on expectations of a sound budget proposal of the Railways today after noon as a result of which the stocks of the companies related to railway sector continued surging much upward. The proposed measures like FDI in railways, increasing the number of trains and introduction of bullet trains were the attractive features for the traders and their enthusiasm was fully manifest on their deals on Monday but today it was totally a u-turn for the market and there was a sharp downfall early in the afternoon even before the rail budget was scheduled to be placed. If it was for the better prospects in stocks relating railway related shares the spree should have been continued equally today but it was not. This has made the scenario for the next few days more suspenseful coupled with general union budget due to be placed on 10th of this month.

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