Market HIGHLIGHTS: Sensex ends at 9-day low, below 51,000, Nifty below 15,000 on closing for time since Feb 5

The frontline indexes collapsed, on a day that witnessed quite a bit of volatility, to levels a shade lower than 1 % at closing. The Eastern markets were mainly mixed and Europe is flat to moderately high. The worst loss was recorded in the Nifty Bank Index which fell by almost 2 %, the other indexes like auto, metals, and pharma too declined. The rise in fuel prices in the international markets followed by its reverberations in the local markets, the higher inflation expectations, and the fast rising bond yields in the US, the unsatisfactory employment conditions etc. have kept the markets on tenterhooks, in the last few days. Also, there is an acceptance that a full recovery in the US may be only in 22, the expectations of further fiscal stimulus has not been realized as yet. Some of these factors may continue to exert pressure on the markets: Joseph Thomas, Head of Research, Emkay Wealth Management