Markets end flat, see highest ever turnover of Rs1.57 lakh crore

19 May 2009

The benchmark indices closed the session on a flat note amid huge volatility, after seeing two upper circuits on Monday. The markets reported a highest ever turnover of Rs 157877.29 crore; previous highest turnover was seen on October 18, 2007. It comprised of Rs 40,130.66 crore from the NSE cash segment, Rs 1,05,985.51 crore from the NSE F&O and the balance Rs 11,761.12 crore from the BSE cash segment. 

The 50-share NSE Nifty surpassed the 4500 mark while the Sensex inched up towards the 15,000 level but did not test during the day. Both indices started the day on a positive note but immediately turned into red. Around 11 am, they started gaining strength again and touched an intraday high of 14,930.54 (up 646.33 points over previous close) & 4509.40 (up 186.25 points), respectively. But the markets lost ground after 2 pm and ended the day flat, despite positive global cues.

There was a mixed trend on the sectoral front; rate sensitives, infrastructure and metal stocks along with ONGC witnessed huge buying interest while technology, pharma, FMCG stocks along with Reliance Industries and Bharti Airtel remained under pressure.

Huge trading was seen in largecap stocks, as flows were positive from FIIs. Infrastructure and rate sensitives saw huge buying interest ahead of likely boost in investment on the infrastructure. Domestic funds were booking profits at current levels, as flows were negative in technology stocks since early trade. Broader indices remained on the buyers' radar and dealers expect midcaps and smallcaps will do catch up after recent rally in largecap stocks.

The Sensex closed 17.82 points or 0.12% higher at 14,302.03 while the Nifty fell just 4.70 points or 0.11%, to settle at 4,318.45. Among the broader indices, BSE Midcap Index was up 3.6% or 153.34 points, to 4,407.82 and Smallcap Index rose 2.52% or 117.40 points, to 4,784.14.

Dipan Mehta, Member of BSE & NSE said, "Some of the players who had shorted Nifty calls prior to the election results had come to cover their positions in the early trade. So that was a one-time why we saw in the first five minutes a huge spike in the Nifty Futures and it was trading at a huge premium as well as high as 50-60 points on the cash market as well."