Markets end lower due to sell off in the final hour of trade The markets closed in red amid volatile trades.
Markets end lower due to sell off in the final hour of trade The markets closed in red amid volatile trades. It was a disappointing day as the markets couldn't sustain at the higher levels. While the Sensex closed 95.41pts or 0.6% lower at 15,695, the Nifty lost 14.05pts or 0.30% to close at 4733. Broad market indices outperformed as the BSE Midcap and Small Cap indices gained 0.12% and 1.13% respectively. Market breadth was healthy as A/D ratio was 1.81:1 on the BSE.
Sectorally, it was a mixed bag. The top gainer was the BSE Oil and Gas index, followed by the BSE Metals index. Top losers were Bankex, Realty and Healthcare. Coming to stock specific action, the top gainers amongst the frontline stocks were Reliance Energy, TCS, Reliance Industries, Cairn India and Reliance Petroleum. Losers were Bharti Airtel, Ranbaxy, HDFC Bank and Suzlon Energy.
We are not too worried with today's negative close as market breadth was positive due to positive action seen in many mid cap stocks. The nifty is facing a lot of resistance at 4800 levels and therefore only a convincing move above this level would lead to a rally to the 5000-5100 levels. We recommend a selective buying approach.
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