Nifty breached 5000 mark while Sensex lowered more than 400 points this morning among weak global cues.
Markets all over the world are tumbling; Shanghai exchange dropped 4%, other Asian exchanges are not much better either. It is a global negative sentiment and the worry over European debt crisis. Even the strong stocks like Karur Vysya or Kotak Mahindra have been in red amid extreme risk aversion.
Only stock in green is ABB, driven by the news of 900 per share open offer price by its parent company.
But as I said in my last blog, I believe the Indian market at least is over reacting. European finance ministers are meeting today in Brussels and hopefully they will have something to cheer up the market. The crisis in Europe is big, but I do not think it is devastating.
So I hope the market will bounce back later this week or early next week.
I am not selling anything in this negative market. Temped to buy some more Tulip Telecom or Cairn India or enter into Sterlite; but then decided to wait and watch for some more time, in case these stocks become even more cheaper.