What a day it has been for the market after running five sessions in a go of about almost kissing all time highs for both the indices, it was time to book some profits today and it has been weak from the word go. The first trades were absolutely flat, it went down, try to claw back a bit but finally ended up losing all the sheen. Down about 2.5% for the Nifty and infact the similar movement for the Sensex, it was down about 2.5% almost for that particular Index as well and that has lobbed off a full 300 points for itself. And we are not alone in this because the kind of global cues that we started off with this morning also were not looking too great but one must say that they have actually held out better than us, down about anywhere between about almost to 10th of a percent to about 0.5% loss for all those indices as well.

The weakness actually spilled over to the broader market as well though relatively they held out better than the Nifty and the Sensex but still down about a full percent for both the midcap and the smallcap indices as well, which is why predictably so the market breadth did not look anything great by any standards. It is down about 800 through the declines and advance just about 300. So it looks too weak on all circumspect.

The F&O is of about 28,000 and total is about 40,000, we are starting off a clean set so one could not expect too high on the volume front as well and of course the May futures has been profit booking in all heavyweight counters, pick up any sector and you were witnessing about and the futures discount is about 16 points, it has widened towards the end.

Cipla post the numbers, the down about almost 14.5% on that particular counter, a couple of brokerages have downgraded that counter.

Banking also did not look too good at all in fact all those heavyweight counters, we have got Indian Bank which was also running up quite high for the past couple of trading sessions, took a knock for about 6.5%, State Bank of India down about 4% on that. The Finance Ministry has raised some concerns on ECB inflow, so that also brought jitters to this particular space.

Of course, that weakness continues to the telecom space as well, Bharti Airtel with those numbers also could not do too much, down about 4.5% for that counter, Idea and Reliance Communications also took it on the chin.

SAIL and Tata Steel, which were quite buoyant for the past couple of trades, were also looking weak in today’s trading session and Sterlite also took it away, almost lobbed off a full 4% at close for itself.

Pharma as a space also looked weak. The list does not end anywhere, HLL and ITC both on huge volumes also lobbed off quite a bit, a couple of other heavyweights, be it ONGC, Reliance, post those numbers Grasim, Suzlon, RPL, all those counters were down about anywhere between a percent to about 3.5% each.

Of course that big Sebi order came in this morning. MindTree Consulting on adjustment basis, however, just sheds off but saw a lot of weakness throughout today’s intraday movement. Pyramid Saimira lobbed off almost 10% for itself and Champdany Industries also did not do too much.

A couple of the momentum boys also were looking fairly weak in this trading session. Nagarjuna Fertilizers is down about 3.5%; Indiabulls Real Estate, which was running pretty high, was down about full 4.5% for itself. So though the week has closed flat for us but let us pick it up on Monday morning, let us see what kind of global cues we start off with. For today, it has been a weak day nonetheless.