Bears continue to rule the roost

THE MARKETS CONTINUE to be in a tight bear hug.

- V K SHARMA

The Nifty has closed lower at 23,092, losing 0.48% for the week. The benchmark is cruising below all its major averages. With just one week left to go for the month, the Nifty is down 2.34% for the month.

If the Nifty closes January in the red, this will be the fourth monthly loss on the trot, a dubious feat not seen in the last 8 years. There have just been five instances since the Nifty's inception since April 22, 1996, when the Nifty has fallen for four or more months consecutively. Only one out of those five instances has been a trail of five back-to-back monthly declines which was seen in its inception year. It had fallen continuously for five months from July to November 1996.