Markets end marginally lower amid extreme volatility

04 August 2008

Markets ended with marginal loss amid extreme volatility through the day as frontline indices were moving in particular range and consolidating for the next upmove. Selling pressure was seen in major oil, capital goods, select banking and power while buying in metal, pharma and select technology stocks. The Nifty Fifty was hovering around 4400 mark while Sensex remained above 14500.

Midcap and small cap stocks held market breadth in positive. About 1993 shares have advanced while 966 shares declined. Nearly 197 shares remained unchanged.

The Sensex closed at 14,577.87, down 78.82 points or 0.54% after swinging between high/low of 14,725.94 and 14,503.51, respectively. Nifty lost 18.2 points or 0.41% to settle at 4395.35. It has touched an intraday high of 4436.15 and low of 4362.90.

Amongst frontliners, TCS lost -2.73%, Tata Comm -2.96%, BPCL -2.57%, Reliance Ind -2.49%, BHEL -2.41%, ONGC -1.53% and Sterlite Ind -1.38% while HCL Tech gained 6.10%, SAIL 4.39%, Grasim Industries 3.18%, Reliance Petro 3.11%, ABB 2.87%, Ranbaxy Labs 2.80%, Jaiprakash Associates 2.38%, Maruti Suzuki 2.08%, Tata Steel 1.63%,

Metal index outperformed other indices, shot up 2.06% or 273.26 points at 13,523.57 as steel manufacturers may raise product prices from August 7. Ispat Industries, JSW Steel, JindalStainless, Mahalaxmi Sm, SAIL, and Welspun Guj gained 4-10%.

Pharma stocks like Piramal Health, Aurobindo Pharma, Opto Circuits, Cadila Health, Divis Labs, Matrix Lab, Ranbaxy Labs and Lupin jumped up 2-6%. Healthcare Index was up 1.51% or 63.36 points at 4,254.20.