Markets end mixed amid extreme volatility; Nifty above 3600

07 October 2008

Markets ended slightly mixed amid extreme choppiness. The Nifty managed to close above 3600 while the Sensex had struggled to claw back above 12000 mark but failed to end above that level. Capital Goods (barring BHEL), technology, banking, realty, FMCG, pharma and metal stocks lost ground while oil refinery and few power stocks have gained.

Benchmark indices had bounced back on a strong note on the back of 50 bps CRR cut by RBI, after sharp cut seen on Monday but that did not sustain for long and immediately after half an hour of trade, indices had turned extremely volatile.

The Sensex swung 679.58 points in an intraday trade, and hit a high/low of 12,181.43 and 11,501.85, respectively. It closed with a loss of 106.46 points or 0.90% at 11,695.24. BSE Midcap Index was down by 2% or 87.07 points, to settle at 4,257.16 and Small Cap Index fell 110.54 points or 2.17%, to close at 4,976.39.

The Nifty has touched an intraday high of 3732.65 and low of 3537, and swung 195.65 points. It gained just 4.25 points or 0.12%, to close at 3606.60.

Among the frontliners, TCS, Larsen & Toubro, Sterlite Industries, HDFC Bank, Mahindra & Mahindra and Siemens lost 6-7%. However, on the BSE, NTPC, Ranbaxy Labs, BHEL, Bharti Airtel and Reliance Industries gained 2-4%. On the NSE, NALCO, Reliance Power, SAIL and Zee Entertainment gained 5-10%.
 
Turnover was bit higher than Monday's trade; stood at Rs 77,297.33 crore. This includes Rs 12,797.73 crore from NSE Cash segment, Rs 59,767.70 crore from NSE F&O and balance Rs 4,731.90 crore from BSE Cash segment.

BSE Capital Goods Index underperformed other indices due to sell off in Praj Industries, Siemens, L&T, ABB, Havells India, Crompton Greaves and Elecon Engg, which fell 5-8%. Index fell 376.41 points or 3.96%, to close at 9,118.52.