Sensex closes flat, most of day’s losses recouped (Roundup)

June 23rd, 2009 - 6:11 pm ICT by IANS  

Sensex Mumbai, June 23 (IANS) Indian equities markets recovered towards the closing bell Tuesday after a key index recovered the day’s losses to close flat. At end of trade, it was a meagre 2.21 points below Monday’s closing figure.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,147.87 points, ended trade at 14,324.01 points - 2.21 points or 0.02 percent lower than Monday’s close.

Though the S&P CNX Nifty of the National Stock Exchange (NSE) traced a similar path, it ended the day 0.28 percent up at 4,247 points.

Broader market indices too made up for most of their losses, with the BSE midcap index even managing to rise 0.24 percent at closing bell, while the BSE smallcap index moved down a marginal 0.13 percent.

Of the 13 sectoral indices on the BSE, those for banking, metal and consumer durables stocks ended right at the bottom, while energy, PSU and power stocks ended in the green.

The market breadth was negative, with 1,116 stocks advancing compared to 1,455 declining, while 68 scrips remained unchanged.

Of the gainers on the 30 scrip composite Sensex were Grasim, up 4.13 percent at Rs.2,228.65; ONGC, up 3.3 percent at Rs.1,026.45; RIL, up 3.26 percent at Rs.2,016.05; and Tata Motors, up 2.7 percent at Rs.342.60.

Of the losers on the Sensex were ICICI Bank, down 4.05 percent at Rs.697.45; HDFC, down 3.55 percent at Rs.1,485.55; Hindalco, down 3.32 percent at Rs.81.55; and ITC, down 3.11 percent at Rs.196.50.

“We are in the middle of a correction and it was always on cards as the rally was only being fuelled by excess liquidity and not by strong fundamentals,” said Jagannadham Thunuguntla, equity head at SMC Capitals, one of India’s largest brokerage firms.

“The volatility will be there at least till the futures and options contract expiry,” he added.

With the futures and options contracts expiring Thursday, trading volumes saw an increase.

The total traded turnover stood at Rs.1,09,543.28 crore as against Rs.93,277.58 crore Monday. This included Rs.18,804.22 crore from the NSE cash segment, Rs.85,073.05 crore from NSE futures and options, and the balance Rs.5,666.01 crore from the BSE cash segment.

Data with the market watchdog Securities and Exchange Board of India (SEBI) showed that foreign funds had sold shares worth $40.7 million Tuesday.

Other Asian markets were also in the red, with the Nikkei 225 Stock Average, a key index of the Tokyo stock exchange, slipping 276.66 points to end Tuesday’s trade at 9,549.61 points.

The Hang Seng, a primary index of the Hong Kong stock exchange, also ended in the negative terrain, falling 521.18 points to shut shop at 17,538.37 points.

European markets were volatile but still trading in the green, with the FTSE, a key British index, rising 13.93 points to 4,247.98.

Its French peer, CAC 40, was ruling marginally up at 3,125.48 points, an increase of 2.23 points.

After a mauling Monday, US markets were expected to open higher, as key index futures pointed to a positive opening. Futures for the Dow Jones, Standard and Poor’s 500 and the technology-heavy Nasdaq indices were ruling 0.3-0.5 percent higher.

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