Market Heatmap- 22 May 2012

Just one thought crossed our minds that the market could keep the momentum going and immediately came the fresh wave of vicious selling. The major indices were seen plunging down by over several points from the intra-day high. Fitch ratings downgrade of Japan’s Long-term Foreign and Local - Currency Issuer Default Ratings (IDRs) to A+ from AA and AA- pulled on the selling trigger in the market. This led the Sensex to close at 16026.41, with a decline of 156.85 points and the Nifty to close at 4860.50, with a decline of 45.55 points. Even the midcap and the small-cap counters could not sustain the pressure and finally closed negative by over half a percentage point each. On the sectoral front, except for IT, Teck and Consumer Durables, all the other indices closed in red. Metal and Bank indices closed as major losers with losses of over one and a half percentage points each. Further the market breadth closed negative, as only one stock was seen advancing for every three declines.
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