Mid Market Report, May 9, 2014 | Stocks and Commodities

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May 9, 2014
Time: 1.40 pm

Mid Market Report:

1. We reported in the morning that there will be some short covering towards the end of the day.
2. Short covering started from the morning itself.
3. Nobody would have expected this kind of short covering.
4. Bank Nifty shot up more than 500 points from the intraday low.
5. All sectoral indices are up except Pharma index.
6. Short covering continued even after Europe opened lower.
7. Last eight trading sessions markets were very weak and entire looses of those 8 days have been wiped out just in one trading session.
8. Despite Nifty shot up by more than 175 points and Sensex shot up by more than 500 points, put option premiums did not come down.
9. VIX shot up by nearly 13%.