Post Session Market for August 23, 2010

Today the domestic market closed with marginal gains despite losses registered during the trading session. The up-move was mainly led by gains in CD, PSU and Teck space. After a flat to positive start, the leading Indian bourses trading range bound in line with the major Asian Indices and on weak economic data in the U.S. A stretch of volatility was witnessed today at the onset of the trading session ahead of FNO expiry scheduled later this week. The market realised its position and fell down from its initial gains crossing below the dotted lines as the profit took a sharp led as BSE Sensex hit the day's low at 18,371.02 and NSE Nifty at 5,519.40. However, the market then surged to a mark fresh intraday high in early afternoon trade on BSE Sensex at 18,454.38 and NSE Nifty at 5,549.80 as buying interest emerged at the lower level. Key benchmark indices swing in a narrow range in afternoon trade as the undertone remained cautious ahead of the expiry of the derivatives contract scheduled later this week. The market drifted above in afternoon trade as selective buying that emerged across the pivotal with the support from positive European stocks. However, it cannot continue to sustain its momentum further and fall again before the closing hours but managed to gain position and closed the day's trade with marginal gains. The BSE Sensex closed above the 18,405 mark and NSE Nifty closed above 5,540 level.

The leading Indian bourses belled the day's trade with positive note taking cues from global stocks. However, the market trimmed losses but that was short-lived and tumbled again. The key benchmark indices bounced back, hitting fresh intraday highs in mid-afternoon trade as European stocks extended gains. Besides, the U.S stocks closed with mixed note on Friday's trade, as traders remained concerned over the pace of recovery of the economy after weak data. The Dow Jones Industrial Average shed 57.59 points or 0.56% at 10,213.62. The S&P 500 index lost 3.94 points or 0.37% to 1,071.69. But, the Nasdaq composite index, gaining 0.81 points or 0.04% to 2,179.76. European shares rose on Monday's trade, as optimism supported the election results in Australia would end plans for a new mining tax. Back home, at the final hours of trading session buying interest emerged as the positive European stocks brought the optimistic spree in the domestic markets.

Among the Sensex pack all the 18 stocks ended in green while 12 ended in red. The overall market breadth was positive as out of total 3,053 stocks traded on BSE, 1738 stocks advanced whereas 1216 stocks declined and 99 stocks are unchanged.

The BSE Sensex closed up by 7.53 points or (0.04%) at 18,409.35 while NSE Nifty ended up by 12.85 points or (0.23%) at 5,543.50. BSE Midcap closed with a gain of 65.83 points or (0.84%) at 7,887.03 while BSE Smallcap closed with a profit of 92.43 points or (0.94%) at 9,968.19. The BSE Sensex touched intraday high of 18,454.38 and intraday low of 18,371.02.

Gainers from the BSE Sensex pack were Jindal Steel (2.85%), Cipla (2.22%), Bharti Airtel (2.16%), ONGC (1.97%), ICICI Bank (1.57%), SBI (1.40%), BHEL (1.30%), M&M (1.02%) and Infosys (0.84%).

Losers from the BSE Sensex pack were Reliance Infra (2.36%), ITC (2.09%), Jaiprakash Asso (2.03%), HDFC (1.73%), HDFC Bank (1.55%), Hindalco Inds (1.43%), RIL (1.19%) and Sterlite Inds (1.0.72%).

On the economic front, a government official has informed that, limited funds will force the government to provide incentives to just a handful of sectors comprising leather, handicraft, carpets and some of the low-end engineering products in the foreign trade policy review on Monday.

Meanwhile, the Goods and Services Tax (GST) could make a debut in the middle of next year as the government doesn't seem to be in a mood to delay the ambitious indirect tax reform by another year.

Besides, the Reserve Bank of India's plans to have access to banking data online from

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