Markets end flat post recovery; oil & gas, power gain
23 Jun 2009
The benchmark indices ended the session on a flat note after seeing sharp recovery in the last couple of hours led by oil & gas, power and select financial stocks. However, metal, realty, telecom and select technology stocks remained under pressure; ICICI Bank, HDFC Bank, ITC and L&T were the draggers in today's trade.
The markets had opened lower following negative global cues but they turned volatile in later part of the day. The 50-share NSE Nifty had slipped below the 4200 mark and touched a day's low of 4143.25, before closing at 4247, up just 0.28% or 11.75 points.
The Nifty futures saw a rollover of 31% and added over 1 crore shares in open interest (which included 82 lakh shares additions from July futures itself). The 30-share BSE Sensex shed just 2.21 points, to settle at 14,324.01, after seeing an intraday high/low of 14,394.19 and 14,016.95, respectively.
Ambareesh Baliga of Karvy Stock Broking said, "The actual valuation of the market lies around 3,800-4,000 levels and we still maintain those levels. We still feel that the markets will see those levels in the next couple of weeks, before or after the budget we don't know."
The Oil & Gas Index was up 2.6%, as ONGC, Reliance Industries and Reliance Petroleum gained over 3%. HPCL, Cairn India and BPCL were up 0.4-0.8%.
Power stocks also charged up; NTPC and Tata Power went up 2-2.5%. Reliance Infrastructure, GVK Power, Reliance Power and Power Grid Corp were up 0.8-1.3%. Respective Index rose 1.3%.
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