Markets recover from the lows of the day

01 Sep 2008 | 18:37

Markets recover from the lows of the day The markets opened lower on Monday morning on the back of weak global cues and slipped lower during the first part of the day. However, during the last hour of trading the markets staged a smart recovery led by banking shares and select pivotals. Buying was also witnessed in PSU and Oil & Gas shares. Asian markets and European markets were trading lower. The markets finally closed the marginally in the red. While the Sensex closed down 66 points or 0.45% at 14,499, the Nifty closed down 11.35 points or 0.26% at 4,349. The broadmarket indices also ended on a flat note. The market breath was flat, as A/D ratio was about 1:1 on the BSE. Turnover on the NSE for was Rs. 9,850 cr versus Rs. 10,627 cr on Friday. Sectorally, it was a mixed bag. The BSE PSU, Oil & Gas and FMCG gained 0.31%, 0.3% and 0.23% respectively. The BSE Consumer Durables and Metal indices lost about 1% each respectively. Gainers from the BSE-30 were ITC, HDFC Bank, BHEL and SBI. The losers from the Sensex pack included Ranbaxy, Tata Steel, Maruti Suzuki and Bharti Airtel. The markets could see some more mild bullishness on Tuesday ahead of the holiday on Wednesday. The key support level for the Nifty is 4,280 while it could face resistance at the 4,400 levels.

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