Markets consolidating

06 Jan 2009 | 18:37
Markets consolidating

Indian markets closed on a flat note after a volatile session. Asian markets ended mixed. While the Sensex closed 60.33pts or 0.59% higher at 10,335.93, the Nifty lost 8.65pts or 0.28% to close at 3112.8. The broad market indices ended lower as the BSE Midcap and Small Cap indices were down by 0.19% and 0.23% respectively. Market breadth was marginally negative as A/D ratio was 0.98:1 on the BSE. NSE cash turnover was higher at Rs.13,087crs. Vs. Rs.10,885crs. on Monday.

The sectoral indices were a mixed bag. While the top gainers were the BSE Metals, Bankex and Auto indices, the top losers were the BSE Realty, Consumer durables and Power indices. The top gainers from the BSE-30 were Grasim, ACC, JP associates, Satyam and M&M. The top losers were RCom, DLF, Bharti, Tata Power and Rel Infra.

We are not too worried with today's volatility as it has come after three sessions of gains. Markets need to take time to digest the recent gains as there will be traders who opt to churn their positions. We remain open to our upside targets at 3150-3250 as the Nifty continues to trade above the 3100 resistances. Traders are recommended to adopt a selective buying approach, especially on declines. Stop losses can be kept at 3050 as this uptrend would reverse on a close below the same level.