Today's Market

The index closed down 713pts or 2.2pc today at 31441. Right from the start of trading the market declined and the stayed that way for the bulk of the day to close near its lows. Fears of widening inquiries against brokers made sentiment negative. So far this year the market has lost 1375pts or 4.2pc. Today was the 9th successive negative session losing 1788pts in this streak. After weeks of marginal movement in either direction the market closed decisively lower today. Turnover was strong at 190mln shares while value traded came in at Rs 9.7bln. So far this month net foreign outflow has tallied USD 7mln. Out of the top 30 volume stocks 19 closed down in excess of 4pc. 12 out of the top 30 stocks by value traded closed down in excess of 4pc. Continued absence of support at these levels could send the index lower. One positive takeaway for the day is that for the last several sessions foreign selling has subsided. Today's net foreign inflow was USD0.15mln.