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Indian markets continue to be volatile, closes day in red

February 8th, 2008

The Indian Stock Markets are volatile today. The markets have slipped into the red just after an initial attempt to scale in the green. Further efforts too did not succeed and by around 1:00 PM, the Nifty touched its lowest levels. Another attempt upwards did put the market into the green but the last hour of trade has pushed the markets to close in red.

Nifty closed the day at 5120.35 down by 0.25%. Nifty Junior is down 2.28%, CNX 100 is down 0.55% while CNX Midcap is down 1.71%

Sensex is closed at 17,464.89 down by 62.04 points or 0.35%. BSE Midcap is down 1.90% while BSE Smallcap is down 2.77%

At sector-wise look shows that the IT to be the favorite of the day. The BSE IT index closed up 3.73% at a point when most of the other sectoral indices are in the red. FMCG is up 2.34%. Consumer Durables is down 3.20%

Top Large cap gainers on the Nifty outside the IT space are Hindustan Unileaver, ITC, Sun Pharma, BPCL, Bharti Airtel, State Bank of India amongst others. Top Largecap losers include VSNL, Zee Limited, Tata Power, HDFC, SAIL, Sterlite Industries, HDFC Bank, Unitech, L&T amongst others.

Cement stocks are getting a buy rating by analysts after prices have come to attractive levels post recent correction. ACC for instance is one cement stock pick. The script opened the day Rs. 777.10, touched an intra day high of Rs. 789.60 and intra day low of 755.60 before trading at Rs. 779.95 by closing bell. Analysts say the script has the potential to touch Rs. 930 levels in 6 months time.

Entry Filed under: Equity Markets, BSE, NSE, Closing Bell