The All Share Price Index on Thursday (31) fell 32.97 percent to close 0.68 percent lower at 4,832.15 while the Milanka Price Index fell 0.30 percent, down 12.88 points to 4,315.09, after the bourse made a positive comeback the previous day.
Turnover reached Rs. 348.8 million on 19.4 million shares changing hands during the day which saw 153 counters close in the red against 69 that made gains.
"The trading session began on an optimistic note with mildly higher opening for the indices. But soon the market turned cautious and selling pressure dragged the indices in the red," Bartleet Religare Securities (BRS) said yesterday after rightly calling Wednesday’s positive run a brief respite.
"The market traded amid thin volumes and the overall market breadth was negative as 153 shares declined and 69 shares advanced. Among the noticeable gainers were EAST.N, NTB.N and SINS.N.
"The old saying in the markets "Sell in May and go away" have proved to be true this time as anyone who had sold his stocks in the starting of this month and waited till the end of the month would have bought back those stocks at a hefty discount.
"The undertone in the markets continues to be bearish. The support for the market is placed at 4,750 and below that the 50% retracement level of 4,650 will act as a good support for the markets," BRS said.