Market Commentary

Market Activity: Key share indices were up slightly amid choppy trade on uncertain market direction as overseas markets were mixed.  

At 10.10AM, Sensex was at 15819.50, up 33.24 points or 0.2%. Nifty was at 4770.55, up 23.50 points or 0.5%.  

Shares of frontline technology and banking shares were major Nifty laggards. Satyam Computer Services was down nearly 2% and ICICI Bank fell 1%. Tata Communications and Reliance Petroleum, up over 2%, were top Nifty gainers. 

In the mid trading session, indices were up nearly 1%, but trade remained choppy as European and Asian markets were trading mixed. At 2.10PM, Sensex was at 15880.40, up 89.89 points, or 0.6%. Nifty was at 4785.95, up 38.90 points, or 0.8%. Reliance Energy was the top gainer in Nifty, up 6% after Morgan Staley reiterated its "overweight" rating on the stock. Shares of oil and gas companies rallied with Cairn India and Reliance Petroleum gaining 5% each. Larsen & Toubro was up 2%, and Bharat Heavy Electricals rose 1%. Bank shares were worst hit among Nifty stocks. Heavyweights HDFC Bank, and ICICI Bank fell 2% each. 

Key share indices ended down as European markets extended decline and key Asian markets ended mixed. Sensex ended at 15695.10, down 95.41 points, or 0.6%. Nifty closed at 4733, down 14.05 points, or 0.3%.  Bank shares were the worst hit due to profit sales. Heavyweights like ICICI Bank and HDFC Bank ended 4% lower each. Earlier, markets were up nearly 1% helped by gains in capital goods, oil and gas companies. Cairn India closed 5% higher and Reliance Petroleum ended 3% up. Reliance Energy, up 6.5% at Rs 1,254, was the top gainer on Nifty. Suzlon Energy and Ranbaxy Laboratories remained laggards, down over 4% each. 

Sector Activity : 

Tech stocks witnessed down trend with exception: Infosys closed down Rs 1445 with volumes of Rs 315.24 crs, Satyam closed down at Rs 420 with volumes of Rs 165.11 crs, TCS closed up at Rs 904 with volumes of Rs 65.88 crs, and Educomp closed down at Rs 3785 with volumes of Rs 49.60 crs.

Pharma stocks ended mixed: Sunpharma closed up at Rs 1280.05 with volumes of Rs 66.35 crs, Ranbaxy closed down at Rs 451 with volumes of Rs 62.85 crs, DivisLab closed up at Rs 1407 with volumes of Rs 40.39 crs, and Glenmark closed down at Rs 503 with volumes of Rs 19.70 crs.

Banking stocks closed down with exception: In the Public Sector SBI Bank closed down at Rs 1657.25 with volumes Rs 129.51 crs & Bank of India closed up at Rs 311.50 with volumes Rs 54.39crs. In the Private sector ICICI Bank closed down at Rs 800.65 with volume of Rs 335.21 crs & Axis Bank closed down at Rs 774.75 with volumes of Rs 96.56 crs.

Auto Stocks ended up with exception: Tata Motors closed down at Rs 624.25 with volumes of Rs 151.68 crs & M&M closed up at Rs 611.70 with volumes of Rs 33.26 crs. While in the 2 wheeler segment stocks, Hero Honda closed up at Rs 746 with volumes of Rs 14.72 crs, Bajaj Holding closed up at Rs 657 with volumes of Rs 64 crs.

Cement Stocks closed mixed: ACC closed down at Rs 814 with volumes of Rs 54.50 crs, Ambuja Cem closed up at Rs 184 with volumes of Rs 14.54 crs, Ambuja Cement closed up at Rs 122.20 with volumes of Rs 9.74 crs and Madras Cement closed up at Rs 3250 with volumes of Rs 20.6 crs.                    

Nifty ended at 4733 down by 14 points

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