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Markets manage to close without much selling pressure

September 4th, 2008

Yet another day gone without much damange. The day opened in the red much like its Asian peers, attempted recovery but failed and finally closed in the red with the Nifty slipping about 1.25% and Sensex about 1% at the end.

The day has reported lower volumes in trade and stocks are largely news driven. The CNX Nifty closed at the sub-4450 levels once again. The index last traded at 4447.75 down 1.25%. CNX IT is up 0.16% while Bank Nifty is down 0.22%. The CNX 100 is down 1.17% and the broder CNX 500 is down 1.03%

BPCL, GAIL, Maruti (all up over 3%), Hindalco, Tata Power (both up over 2%), Cairn, Tata Communications, Dr. Reddy, Hero Honda (all up over 1%), Grasim (marginally in the green)

Sterlite continued to be hammered stock in the Nifty after it closed the day again in the red. The script last traded at 612.85 levels and is down 3.94% on the Nifty. Other losers on the Nifty include National Aluminium, ABB, ONGC (all down over 3%), Unitech, HDFC Bank, Reliance, ITC, SAIL and Hindustan Unileaver (all down over 2%)

Midcap gainers of the day list is topped by Moser Baer. The script last traded at 116.50 up 9.75%. Its 52-week high is at 345 and 52-week low is 87.80. The script is buzzing after news that it is setting up a thin film photovoltaic unit in Chennai. Analysts say the script has a resistance at Rs. 120 levels and once above that it can touch Rs. 125. Moser Baer is able to build up buying interest in recent times.

The BSE Sensex slipped by 150.76 points in todays trade. It last traded at 14899.10 down 1%. BSE Midcap and Smallcap indices are down 0.13% and 0.11% respectively. Realty sectoral index is down 3.2%. Other losing sectors on the BSE include FMCG, Oil & Gas, Metal and Power all of which are down over 1%

Overall not a damaging day for the Indian stock markets today. Tomorrow’s trades will depend on the Indian inflation numbers, the price of the crude oil and of course on how the US markets will close their trading day.

1 U.S. dollar = 43.9599 Indian Rupees
1 U.S. dollar = 106.8147 Japanese Yens
1 U.S. dollar = 0.6890 Euros
1 Ounce Gold = $809.70
1 Barrel Crude Oil = $109.16

Entry Filed under: Equity Markets, Closing Bell