Feb 19, 2009

Markets end on a flat note

19 Jan 2009 | 18:27
Markets end on a flat note

It was a lacklustre session for the markets as they traded in a narrow range before finally closing marginally higher. The markets were however trading in positive territory for most of the day on the back of positive global cues, as the United Kingdom government unveiled a second bank bailout plan today. Volumes were thin.

While the Sensex closed 5.98pts or 0.06% higher at 9,329.57, the Nifty gained 17.75pts or 0.63% to close at 2846.2. The broad market indices out performed as the BSE Midcap and Small Cap indices were up by 0.55% and 1.13% respectively. This explains the positive market breadth as A/D ratio was 1.32:1 on the BSE. NSE cash turnover was lower at Rs.6,819crs. Vs. Rs.7,269crs. on Friday.

The sectoral indices was a mixed bag. The top gainers were the BSE Realty, Metals, Oil and Gas and Capital Goods indices. The top losers were the BSE Bankex, IT, Healthcare and Auto indices. The top gainers from the BSE-30 were JP Associates, Sterlite, ONGC, Bharti, Tata Steel and Hindalco. The top losers were M&M, Grasim, ICICI Bank, Wipro and Tata Motors.

The 2850 levels acted as a strong resistance today as though the Nifty moved above it during the day, it finally closed marginally below it. The underlying current nevertheless remains positive as evidenced by the positive market breadth. Weakness could however emerge if the Nifty closes below the 2820-2800 supports. We recommend adopting a selective buying approach with a short term perspective as we believe any further upsides are likely to be of a short term nature.