Markets close flat amid extreme volatility, weak global cues

03 December 2008

It was an extremely volatile session amid weak European indices and US markets futures. The benchmark indices ended flat in today's session after trading range bound throughout the day.

SBI, DLF, ICICI Bank, Tata Steel, L&T, Maruti, SAIL, Reliance Infrastructure, Unitech, Sterlite Industries, Tata Motors and HDFC were supporting the markets. On the other hand, ONGC, Wipro, Idea, Infosys, Bharti Airtel, Reliance Communication, Reliance Industries, HDFC Bank, NTPC, Hero Honda, Satyam and BHEL dragged.

The Sensex closed at 8,747.43 up 8.19 points or 0.09% over its previous close, after swinging 253.4 points in an intraday high of 8,854.81 and low of 8,601.41. The 50-share NSE Nifty swung 81.7 points between a high/low of 2693.65 and 2611.95 respectively. It fell just 0.05% or 1.35 points to 2656.45.

However, some buying was seen in broader indices, due to which market breadth was positive. About 1,431 shares advanced while 1,324 shares declined. Nearly 443 shares remained unchanged.

BSE Midcap Index rose 25.26 or 0.9% to 2,830.59 and Small Cap Index gained 12.69 points or 0.39% to 3,265.10. NSE Midcap 50 closed with a gain of 1.24% at 1152.

The BSE Metal Index outperformed other indices; surged 146.14 points or 3.39% to 4,451.04. Tata Steel jumped 10.80% on strong second quarter numbers. JSW Steel, Jindal Steel, SAIL and Sterlite Industries gained 1.3-4.5%.