Beerish market continued today

Market continues to go down for the fourth day

Sensex sinks 600 pts in a day, Nifty reached below 7000.

 The market extended losses in afternoon trade with the Sensex falling 598.43 points or 2.52 percent to 23160.47. The Nifty broke 7050 level, down 179.45 points or 2.49 percent to 7036.25.

Top losers of the day were:

GAIL, ONGC , Kotak Mahindra, Voltas 

European stocks traded sharply lower today, dragged down by a sell-off in banking and mining stocks, investors digest comments made by US Federal Reserve chair Janet Yellen and what that means for the timetable for interest rate hikes. The pan-European STOXX 600 was down 3.1 percent. In her semi-annual congressional testimony, Yellen said that the Federal Open Market Committee (FOMC) had not fully researched the legality around negative interest rates, amid whispers that the central bank could enact such a policy. But Yellen did admit that weakness in the global economy and risks from China could weigh on the outlook for US growth. 2:15 pm Market Expert on free fall: The relentless selling in the stock market is coming from redemption pressures that a lot of overseas funds -- such as sovereign wealth funds in the Middle East -- have been facing, who have been forced to liquidate, says Gautam Trivedi, CEO of Religare Capital Markets. In an interview with CNBC-TV18, Trivedi also warned that mutual funds were only institutional investors that were still buying and that inflows from retail investors turn into outflows, the last remaining pillar will also go. Barring domestic MFs, "there is no bid in the market," he said. He said that while it was hard to forecast a bottom for the market, he expects smart money to come in at Nifty 6,800. "And whenever the market bottoms out, it won't consolidate there."

Read more at: http://www.moneycontrol.com/news/local-markets/sensex-sinks-600-pts-nifty-breaks-7050-psu-bankex-down-2_5423101.html?utm_source=ref_article