Markets end higher amid volatility; broader indices outperform

16 June 2009

The benchmark indices showed some recovery in today's trade and ended the session on a positive note after seeing sharp sell-off on Monday. Recovery was led by capital goods, power, financial, metal (barring Sterlite), auto and select telecom stocks. The indices had opened lower following weak global cues but managed to recover the losses in the later part of the day. Overall, it was a volatile session for the markets.

Monday's top draggers Reliance Industries and Sterlite continued to reel under pressure. Selling was also seen in Bharti, Wipro, Reliance Petroleum, Reliance Power and Hero Honda.

The 30-share Sensex recovered 336 points from the day's low of 14,621.97 and hit an intraday high of 15,022.19, before closing at 14,957.91, up 0.55% or 82.39 points. The 50-share NSE Nifty finished the trade above the 4500 mark and recovered nearly 112 points from the day's low of 4405.95. It went up 0.75% or 33.80 points, to settle at 4517.80.

The broader indices outperformed the benchmark indices; the BSE Midcap Index was up 2.2% or 112.96, to 5,226.16 and the Smallcap Index rose 2.13% or 125.60 points, to 6,011.36.

In the largecaps, Reliance Infrastructure, SBI, Jaiprakash Associates, Tata Steel, Tata Power, Reliance Capital, Axis Bank and BPCL were the top gainers, went up 3.7-6.5%.

Ambareesh Baliga, Karvy Stock Broking said, "A correction is over due, but I think we will have a market which will be bound between 4,300 levels on the downside and possible 4,700-4,800 levels on the upside. But I feel it will be more on the downside."