Market witnesses choppy trade; RIL, banks see some volatility

04 February 2009

The benchmark indices have erased most of the first half session's gain and  started trading marginally higher with extreme volatility. FIIs flows are muted and witnessing some profit booking at higher levels. Domestic funds too are looking to book profits at higher levels.

Local traders are active in select mid cap and small cap stocks today. Dealers expect a range bound market with a negative bias in the short term.

Metal, realty stocks as well as ONGC, Bharti, Reliance Communication, BHEL, Maruti, TCS, ACC, Grasim, HDFC and Cipla are trying to support the markets. However, NTPC, ICICI Bank, SBI, ITC, L&T, M&M, Idea, Reliance Infrastructure, Suzlon, Hindalco, Ranbaxy Labs, and Reliance Petroleum are dragging.

The Sensex went up just 37 points to 9,186 and the Nifty gained 14 points at 2,798, at 2:36 hours IST.  BSE Midcap and Small cap indices are flat.

Market breadth is mixed; about 1304 shares have advanced while 1403 shares declined. Nearly 282 shares are unchanged.

Markets @ 1:46 pm : Mkts trading higher amid volatility; Nifty hovering @ 2800