Markets end flat on derivative expiry day The markets opened on a shaky note on Thursday morning and continued to trade in a narrow range through the day.

31 Jul 2008 | 18:06



Markets
end flat on derivative expiry day The markets opened on a shaky note on
Thursday morning and continued to trade in a narrow range through the
day.



Markets
end flat on derivative expiry day The markets opened on a shaky note on
Thursday morning and continued to trade in a narrow range through the
day. Futures & options contracts for July 2008 series expired
today. Crude oil surged by more than $4 a barrel yesterday, 30 July
2008.

While the Sensex closed up 68.54 points or 0.48% at
14,355.75, the Nifty gained 19.4 points or 0.45% at 4332.95. The broad
market indices ended
lower as the BSE Midcap and Smallcap index lost 0.24% and 0.21%
respectively. The market breath was marginally negative as A/D ratio was
0.98:1 on the BSE. NSE cash turnover was at Rs.15,387crs. Vs. Rs.12,734crs.
on Wednesday.

Sectorally,
it was a mixed bag. The BSE Metal and Oil & Gas indices ended
higher by 1% while the BSE Healthcare lost 1%. Gainers from the BSE-30
were Tata Power, Tata Steel, DLF, SBI and Reliance. The losers from the
Sensex pack included Tata Motors, Grasim, Maruti Suzuki, Wipro and
Bharti Airtel.

The main indices have now closed with gains for two consecutive sessions.
The
market breadth has however not been very impressive which calls for
caution. The short term trend nevertheless continues to remain up until
the Nifty 4200 supports are broken. Upside resistance is at 4400. We
continue with our selective buying approach with a short term
perspective.