Indian Stock markets witnessed another bad day as the Global markets were offering signals of weakness. Fears of recession grip US stock markets. Subprime crisis may cast bad effect in coming weeks as major financial institutions are releasing discouraging numbers.

Reliance Industries posted better than expected results. However, the stock lost over 3 percent and closed below 3000 level.

TV 18 lost nearly 7 percent to close at Rs 457 on NSE. IDBI lost nearly 5%. Ambuja Cements and United Spirits were among major losers on NSE.

Pharmaceutical major Ranbaxy lost nearly 3 percent to close at Rs 367 on BSE. Ranbaxy has not seen such lower levels for past 3 months.

TCS, HCL Infosys and ICICI Bank were among major losers on BSE.

Stock markets are looking weak. The session on Friday may depend on global cues. Stock markets have been losing for last few trading sessions, so one can expect a technical bounce. However, the short term outlook is negative for Indian stock markets. Investors should try to book profits and cut their positions if there is short rally in next 2 – 3 trading sessions.