Market Commentary   

Market Activity: Indices were up around 0.3% in early trade, on the back of gains in key Asian markets that reversed losses made earlier in the session. Trade was choppy a day before expiry of April futures contract.

At 10.10AM, Sensex was at 16835.38, up 52.04 points, or 0.30%. Nifty was at 5066.70, up 17.15 points, or 0.35%. 

Idea Cellular and Infosys Technologies, up nearly 3% each, were top gainers on Nifty. Unitech and Larsen & Toubro gained 2% each. Satyam Computer Services and HDFC Bank, down around 3% each, were major laggards on Nifty. SAIL fell 3% and Tata Steel was down 2% after the companies agreed to keep product prices unchanged for two-three months. 

In the mid trading session, indices gave up gains to fall nearly 1% as banking, steel, and capital goods shares fell. Market was up around 0.5% earlier. At 11.30AM, Sensex was at 16664.88, down 118.99 points, or 0.7%. Nifty was at 5021.20, down 30 points, or 0.6%. SAIL, down nearly 7%, was the worst hit on Nifty, while Tata Steel fell 3% as they agreed to keep product prices unchanged for two to three months. HDFC Bank was down 4%, while ICICI Bank and Bharat Heavy Electricals fell 3% each. Real estate and technology shares bucked the weak trend. Unitech, up 3%, and Wipro, up 2%, were top Nifty gainers.   

Share indices ended nearly 1% lower after a volatile session ahead of April futures contract expiry Thursday. Sensex was at 16698.04, down 85.83 points. Nifty was at 5022.80, down 26.50 points. SAIL was down 6% at Rs 173, while Idea Cellular and HDFC Bank were down around 5% each. Infosys Technologies up over 3% and Unitech up 2% were top gainers on Nifty.

Exchange Traded Volumes 

Sector Activity : 

Tech stocks ended mixed: Satyam closed down Rs 430.55 with volumes of Rs 454.86 crs, Infosys closed up at Rs 1647.95 with volumes of Rs 338.47 crs, Educomp closed down at Rs 3984.20 with volumes of Rs 145.90 crs, and TCS closed up at Rs 889.15 with volumes of Rs 141.46 crs.

Pharma stocks showed negative trend with exception: Orchid Chemical closed up at Rs 250.50 with volumes of Rs 212.27 crs, Ranbaxy closed down at Rs 476.05 with volumes of Rs 79.85 crs, Sun Pharma closed down at Rs 1369.15 with volumes of Rs 61.75 crs, and Cipla closed down at Rs 230.15 with volumes of Rs 21.47 crs.

Banking stocks closed down with exception: In the Public Sector SBI Bank closed down at Rs 1696 with volumes Rs 140.24 crs & Bank of India closed up at Rs 333.05 with volumes Rs 28.10 crs. In the Private sector ICICI Bank closed down at Rs 864.75 with volume of Rs 275.38 crs & Axis Bank closed down at Rs 897.20 with volumes of Rs 90.37 crs.

Auto Stocks witnessed buying opportunity: Ashok Ley closed up at Rs 41.75 with volumes of Rs 44.66 crs & M&M closed up at Rs 630 with volumes of Rs 19.09 crs. While in the 2 wheeler segment stocks, Hero Honda closed up at Rs 748 with volumes of Rs 8.21 crs, TVS Motors closed up at Rs 40.25 with volumes of Rs 7.77 crs.

Cement Stocks ended down with exception: India Cement closed down at Rs 184.25 with volumes of Rs 48.84 crs, ACC closed up at Rs 845.30 with volumes of Rs 42.97 crs, Ambuja Cement closed up at Rs 115.05 with volumes of Rs 9.38 crs and Birla Jute closed up at Rs 222.80 with volumes of Rs 5.09 crs.                 

Nifty ended at 5023 down by 27 points 

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