Monday Closing Report: Bulls try to fight back
November 3, 2010 by lrir9jr8
Filed under Uncategorized
Monday Closing Report: Bulls try to fight back
The Indian market, which traded in the negative zone for a major part of the day, sprang a surprise to recoup in the last half-hour and close with little gains.
The market opened weak this morning on lacklustre global cues. The pre-open call option, introduced by the stock exchanges today, UHF GEN 2 witnessed contrasting trends. While the Sensex opened in the red, the Nifty opened with gains. However, trends normalised after regular trade began.
Opening with marginal gains, the market soon dipped into the red on profit taking. A sharply volatile session saw the indices trade in a narrow range in the negative terrain till the post-noon session. A green opening of the key European markets gave the much-needed boost helping the domestic market closing near the high-point of the day.
The Sensex finally ended the day up 43.84 points (0.22%) at 20,169. The index touched a high of 20,Welding Hose,229 and a low of 19,870, dipping below its psychological level of 20,000. The Nifty settled at 6,088, up 25.30 points (0.42%). The benchmark touched an intraday high of 6,115 and a low of 5,985, below the 6,000 mark.
The market breadth was a mixed bag today. The Sensex closed with 17 losers and 13 advancing stocks while the Nifty settled with UHF GEN 2 28 stocks in the positive zone while 22 ended lower. The broader indices underperformed the key barometers today. The BSE Mid-cap index tanked 0.47% while the BSE Small-cap index shed 0.15%.
The top Sensex gainers were TCS (up 2.98%), NTPC (up 1.70%), Tata Steel (up 1.56%), ONGC (up 1.42%) and Larsen & Toubro (L&T) (up 1.19%). Today’s laggards included ACC (down 2.86%), Bharti Airtel (down 2.21%), Jaiprakash Associates (down 1.80%), Tata Power (down 1.61%) and Cipla (down 1.54%).
The sectoral space was dominated by BSE IT (up 1.28%), BSE Oil &Gas (up 0.84%) and BSE Realty (up 0.72%). The sectoral losers included BSE Consumer Durables (down 1.02%), BSE Fast Moving Consumer Goods (FMCG) (down 0.18%) and BSE Power (down 0.17%).
The country’s two premier bourses ? National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) ? UHF GEN 2 today introduced the 15-minute special pre-open trading session, a mechanism under which investors can bid for stocks before the market opens. The mechanism, known as ‘pre-open session call auction’, will last for 15 minutes (from 9:00-9:15 am).
While, this system has been started to reduce the quantum of volatility ? typically visible in the first few minutes of trade ? but going by the first day’s action this special session was more volatile than the normal trading session.
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