Markets end flat amid volatility: Metals, midcaps down

08 January 2008

The markets ended the day flat amid a highly volatile session. After touching the 21,000 mark Sensex shed most of its gains. After a stellar performance in the past two weeks midcaps were looking tired and the midcap index ended deep red. This has gave markets negative breadth.

Metal stocks like Hindalco and Tata Steel are down over 3.5% each. Power stocks like Tata Power, NTPC and Reliance Energy ended in negative terrain. Buying was seen in select frontliners from FMCG and oil & gas space.

Sensex touched 21,000 mark in the opening trade. It took 49 days for Sensex to cover the 1000 points journey from 20,000-21,000. Reliance, ITC and ICICI Bank were among the top contributors.

The rally has been clearly driven by domestic funds and FIIs were seen as net sellers. In this rally from 20,000 from 21,000 the midcap index is 28% and the smallcap index is up 41%.

Sensex closed up 60.68 points or 0.29% at 20873.33, and the Nifty up 8.75 points or 0.14% at 6287.85.

About 567 shares have advanced, 2373 shares declined, and 13 shares are unchanged.