Samvat 2064 started on a negative note as markets ended weak after seeing a gap up opening in Mahurat trade. It is the first negative close on Mahurat trading in the last 7 years. It is festive season and was more like a token day without much particiaption from institutional investors. The volumes were very low. Broader markets outperformed the frontliners.
It has been slightly sluggish in US and cues were not very encouraging from other markets. Dow ended in red and continuing the trend most Asian markets ended lower.
The Indian market ended in red continuing the correction and consolidation that started in the past few sessions. The markets have corrected tracking the gloabl peers on account of credit concerns in US.
In the opening trade Sensex was up 244 points and Nifty was up 78 points. Later reversed all its gains and Sensex was down 151.33 points or 0.79% at 18,907.60, and the Nifty down 35.50 points at 5663.25.
About 2005 shares advanced, 967 shares declined, and 93 shares were unchanged.
The midcap stocks were attracting all the attention. Gujarat NRE Coke, Ispat, Gitanjali Gems, Zee News were among the gainers. NTPC, Reliance Ind, Reliance Communication, HPCL, BPCL, Suzlon Energy, Cipla were among the top gainers.
Wipro, ICICI Bank, Satyam, ACC, Bharti Airtel, Tata Steel, SAIL and Tata Power were among the top losers. ACC, ICICI Bank, SAIL and Tata Power were down over 3% each.
There is a word of caution from most of the analyst. In the near term the markets will see some correction and consolidation but on the positive side the long term view continues to be bullish, say experts.
When we look at Diwali to Diwali returns, Sensex is up 50%, Nifty is up 55%, CNX Midcap up 55%. The Sensex has crossed 8 milestone of 1000 points since last Diwali. It has moved up from 13,000 to 20,000.
The market capitalisation has added Rs 29 lakh crore to Rs 62 lakh crore. Among the indices, capital goods index gave the highest return it was up 133%. However, IT index was the laggard down 9%.
