07 Aug 2008 | 00:00
Market ends marginally in the positive after a volatile session.
The
market after opening marginally down on Thursday, recovered from the
lows of the day and saw a volatile session throughout before ending
marginally up. The Bank of England left interest rate unchanged at 5%
at its meeting today. The European Central Bank, which also meets
today, is expected to hold interest rates at 4.25%. The markets
witnessed resistance at higher levels and selling pressure pulled the
indices down to close with modest gains.
The Sensex closed up
43.71 points or 0.29% at 15117.25 and the Nifty closed marginally up
6.3 points or 0.14% at 4523.85. The BSE Midcap gained 0.45% and the BSE
Smallcap 0.32%. The market breadth was slightly positive, as the A/D
ratio was about 1.1:1 on the BSE. The NSE Turnover was Rs.
13,057.01 cr vs Rs 18,615.5 cr on Wednesday.
It
was a mixed scenario sectorally for the market. The BSE Consumer
Durables, Auto, were up by 2.86% and 1.21% respectively whereas the BSE
PSU, Power and Capital Goods lost 0.36%, 0.47% and 0.70% respectively.
The top gainers for the day from the Sensex were Sterlite Industries,
Tata Motors, HDFC Ltd and HDFC Bank and the top losers of the day for
the same comprised of BHEL, Bharti Airtel, Reliance Comm and Ranbaxy
Labs.
With the inflation data due to be declared today in the
evening, the markets are expected to be volatile for the coming
sessions. The technical trend nevertheless remains up and we recommend
holding on to existing positions with trailing stops to protect profits
already earned. Fresh positions need to be entered into on a selective
basis, preferably on declines.
Market ends marginally in the positive after a volatile session.
The
market after opening marginally down on Thursday, recovered from the
lows of the day and saw a volatile session throughout before ending
marginally up. The Bank of England left interest rate unchanged at 5%
at its meeting today. The European Central Bank, which also meets
today, is expected to hold interest rates at 4.25%. The markets
witnessed resistance at higher levels and selling pressure pulled the
indices down to close with modest gains.
The Sensex closed up
43.71 points or 0.29% at 15117.25 and the Nifty closed marginally up
6.3 points or 0.14% at 4523.85. The BSE Midcap gained 0.45% and the BSE
Smallcap 0.32%. The market breadth was slightly positive, as the A/D
ratio was about 1.1:1 on the BSE. The NSE Turnover was Rs.
13,057.01 cr vs Rs 18,615.5 cr on Wednesday.
It
was a mixed scenario sectorally for the market. The BSE Consumer
Durables, Auto, were up by 2.86% and 1.21% respectively whereas the BSE
PSU, Power and Capital Goods lost 0.36%, 0.47% and 0.70% respectively.
The top gainers for the day from the Sensex were Sterlite Industries,
Tata Motors, HDFC Ltd and HDFC Bank and the top losers of the day for
the same comprised of BHEL, Bharti Airtel, Reliance Comm and Ranbaxy
Labs.
With the inflation data due to be declared today in the
evening, the markets are expected to be volatile for the coming
sessions. The technical trend nevertheless remains up and we recommend
holding on to existing positions with trailing stops to protect profits
already earned. Fresh positions need to be entered into on a selective
basis, preferably on declines.
0 comments:
Post a Comment