Markets end in the red after a volatile session Markets opened in the red on Monday and traded in a volatile manner for the rest of the day.

04 Aug 2008 | 19:29



Markets
end in the red after a volatile session Markets opened in the red on
Monday and traded in a volatile manner for the rest of the day.



Markets
end in the red after a volatile session Markets opened in the red on
Monday and traded in a volatile manner for the rest of the day. Buying
was witnessed in small and mid-cap stocks. European markets were mixed,
while Asian markets, which opened before Indian markets ended lower.

While
the Sensex closed down 78.82 points or 0.54% at 14,577.87, the Nifty
lost 18.2 points or 0.41% at 4395.35. The broad market indices ended
higher as the BSE Midcap and Smallcap indices gained 1.77%. This
explains the positive market breath as A/D ratio was about 2.3:1 on the
BSE. Turnover on the NSE was Rs. 13531.58 cr versus Rs. 15704.54 cr
last Friday.

Barring the BSE Oil & Gas, Power and Capital
Goods index, all the BSE Sectoral indices ended higher. The BSE
Consumer Durables, Metal and Healthcare indices gained 3.87%, 2.06% and
1.51% respectively. Gainers from the BSE-30 were Grasim Inds, Ranbaxy
Labs, Jaiprakash Associates, Maruti Suzuki and Tata Steel. The losers
from the Sensex pack included TCS, Reliance, BHEL, ONGC and Sterlite
Inds.

The main indices seem to have taken a breather after three
consecutive sessions of gains. The positive thing to note today was
that the mid cap segment participated which led to a healthy market
breadth. We continue with our selective buying approach with a short
term perspective as we believe the markets are headed higher at least
for the short term.