Apr 30, 2008

Indian Markets - Markets witness a choppy session

30 Apr 2008 | 17:34 Markets witness a choppy session

Markets traded in a range bound but volatile fashion through the day. While the Sensex was down 91.15 points or 0.52% at 17,287.31, the Nifty lost 29.60 points or 0.57% to close at 5165.90. The broadmarket indices also ended lower but suffered to a lesser extent as the BSE Midcap and Smallcap indices lost 0.11% and 0.13% respectively. The market breadth was negative as A/D ratio was 0.9:1 on the BSE. NSE cash turnover was Rs.16,448.43cr Vs. Rs.18,087.42cr yesterday.

The BSE Sectoral indices ended on a mixed note. The BSE FMCG and Auto were the top gainers as they surged 2% and 1.71% respectively. The BSE Oil & Gas, Bankex and Realty lost more than 1%. Gainers from the index pivotals included M&M, ITC, Tata Motors, Wipro and Jaiprakash Associates. Losers included DLF, Grasim Inds, HDFC, ICICI Bank and Hindalco.

We are not too worried with today's weakness as the underlying trend continues to remain up. We continue with our strategy of holding on to existing positional longs and using any weakness to adopt a selective buying approach.