May 8, 2008

Indian Markets - Markets end on a flat note - 7 May 2008

07 May 2008 | 17:12

Markets end on a flat note

The markets opened on a weak note and traded in a volatile fashion through the day to finally end on a flat note. While the Sensex was down 33.7 points or 0.19% at 17,339.31, the Nifty lost 9.15 points or 0.18% to close at 5135.50. The broad market indices underperformed the frontline indices as the BSE Midcap and Smallcap indices ended 0.40% and 0.25% lower respectively. The market breadth was negative, as A/D ratio was 0.76:1 on the BSE.

Sectorally, it was a mixed bag. While the BSE IT, Oil & Gas and FMCG indices ended with gains less than 1%, the BSE Realty, PSU and Capital Goods indices lost more than 1%. Gainers from the index pivotals include TCS, M&M, Infosys and HUL. Losers include BHEL, Bharti Airtel, DLF and L&T.

Our outlook on the market remains the same. With the main indices near some strong supports, the downsides seem limited. Moreover, with the underlying trend up, we believe the current weakness will provide excellent opportunities for the trader and investor to buy stocks. The Nifty is likely to continue to consolidate between the 5000 and 5200 levels in the coming sessions