Market Close: Choppy on lack of trigger.

US market was closed on back of Labour day. Ranged cues from asian market as well as lack of positive cues resulted in choppy session through out the day. Profit booking at higher level dragged market in the negative territory as the session progressed. Some recovery was seen later but index continued to be ranged. Auto stocks failed to speed up. Small and mid caps continued to be the outperformer...mid caps are on high interest and retail is major contributor here. The major gainers for the day were Cement , reality, consumer goods and banking counters. However, Metal and Technology stocks failed to find interest. Globally metal prices are weak and that has led to weakness in metals. European indices continued to trade in red.

Sensex closed higher by 43 points at 15465.4. It was helped up by gains in Rel Energy (823.45,+6 percent), Cipla (179.6,+4 percent), Grasim (3023.05,+3 percent), HDFC (2059.55,+3 percent) and Ranbaxy (406.7,+3 percent). Restricting the gains were NTPC (181.35,-2 percent), Hindalco (157.05,-2 percent), Wipro (465.95,-2 percent), Tata Motors (691,-2 percent) and BHEL (1911.25,-2 percent).

Kernex Microsystems Ltd (Kernex) ended higher by 5% after some rumours stated that the company has bagged Rs.160 cr order. Kernex is engaged in the business of manufacturing, installing and maintaining of Anti Collision Systems. Other business areas of the company are conceptualizing, designing and developing certain railway safety and signal systems for Konkan Railway Corporation Ltd. Kernex has technology partnership with KRCL for design, engineering and development of anti collision systems. Kernex has successfully completed installation of ACD systems about 2000 plus numbers covering 2500 plus kms. Kernex has monopoly in the Anti collision systems. Our detailed note will follow soon.

Aditya Biral group's Aug cement sales was up by 12.25% yoy at 2.36 mn tones. Five months (Apr-Aug) cement sales was up by 6.9% yoy at 12.7 mn tonnes. ACC Aug cement sales was at 1.57 mn tones vs 1.37 mn tones yoy. The infrastructure growth fueled the demand inspite monsoon which lean period for cement companies. The supply demand mismatch continues and prices are expected to go up. The imports from Pakistan would not have any major implications, but some sentimental impact for companies which are located in northern region. At this point of time the valuations remain high...Look for trading opportunities on downsides. Kesoram and Madras cement seems to be good bet at this point of time. Do read our research note on the same.

Godrej Consumer Products (GCPL) ended a percent higher as the company plans to acquire the consumer products business of South Africa-based Enaleni Pharmaceuticals. Enaleni is one of the top 10 pharmaceuticals companies in South Africa with market capitalisation of approximately Rs 900 Cr(1.5 bn rands). Along with pharmaceutical business the company is also into contract manufacturing. Further the consumer business of Enaleni focuses on health and personal care products. The consumer and vitality business of Enaleni has revenues around Rs 65 Cr. The move is in line with GCPL's strategy to grow inorganically. This would be third acquistion after Keyline (UK) and Rapidol (Africa). We are positive on the company but one needs to wait and see how aquisition will deliver in future.Do read our note on the company to know more.

Technically Speaking: Ranged and volatile session for the day. Sensex made an intra day high of 15,521 and intra day low of 15,390. Advances outnumbered declines in the ratio of 2:1. Sensex moving towards our given target of 15650. Supports seen at 15350 - 15300. The volume stood at Rs.4,999 cr.