Markets recover from the lows of the day After opening in the red on the back of weak global cues, markets gradually recovered from the lows of the day to finally close on a flat note. While the Sensex was down 51.80 points or 0.32% at 15,923.72, the Nifty gained 28.8 points or 0.6% to close at 4800.40. Broadmarket indices ended lower as the BSE Midcap and Smallcap indices closed 0.54% and 1.91% lower respectively. The market breadth was negative as A/D ratio was 2:5 on the BSE.
Sectorally, it was a mixed bag. Gainers included the BSE Metal and Oil & Gas indices that were up 2.24% and 2.02% respectively. The worst hit were the BSE Capital Goods and Consumer Durables indices that lost 4.88% and 2.78% respectively. The top gainers from the index pivotals included Bharti Airtel, Tata Steel, Bajaj Auto and ACC. Losers included L&T, BHEL, Maruti Suzuki and Satyam Comp.
With today's sharp recovery, markets could move up further on the back of stock specific action. We nevertheless recommend a go slow approach on positional trades till we see signs of a confirmed uptrend. Short term trading positions with strict stop losses can however be entered into.
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