Markets end with marginal gains; Sensex ends above 15K

06 August 2008

Markets have given up gains in last one hour of session and managed to end marginally higher. Frontline and broader indices witnessed profit booking at higher levels from domestic and hedge funds. Rise in crude oil price was also another reason for sell off at higher levels. Buying was seen in auto, capital goods, technology and FMCG stocks while sell off seen largely in banks, metals, power and real estate stocks at institutional desk. 

Sensex lost nearly 350 points and Nifty 100 points from days high of 15,422.82 and 4615.90, respectively but both indices did not slip into red. Sensex closed at 15,073.54, up 112.47 points or 0.75% and Nifty at 4517.55, up 14.70 points or 0.33%.

Domestic funds were booking profits in rate sensitive sectors and Hedge funds looking for exit at higher levels. Selling pressure was also seen in midcap, small cap and other broader indices, due to which market breadth turned into red. About 1394 shares have advanced while 1559 shares declined. Nearly 204 shares remained unchanged.

Amongst frontliners, Maruti Suzuki shot up 6.25%, Tata Motors 4.31%, Bharti Airtel 3.59%, ACC 3.48% and TCS 3.32% while NALCO lost 5.24%, HCL Tech -4.73%, Tata Steel -4.44%, SBI -3.79%, Siemens -3.64%, Tata Power -3.65%, Reliance Infra -3.11% and HDFC -2.82%.

In the F&O segment, profit booking has set in Nifty futures at higher levels. Premium narrowed down to 9 points from 24 points. Long unwinding was seen in momemtum stocks like RNRL, IFCI, Ispat, JP Hydro and GMR Infra. Sugar stocks saw fresh long build up. Long unwinding was seen in banking. Short build up continued in metals stock.

Auto Index outperformed other indices, gained 100.47 points or 2.63% at 3,919.64. Maruti Suzuki, Bharat Forge, Tata Motors, Apollo Tyres, M&M, Ashok Leyland and MRF jumped up 2-6%.