Market makes a comeback

In line with the major Asian market indices (Nikkei down 0.78%, Hang Seng down 0.23% and Strait Times down 0.96%), the 30-stock Sensex started the day with a negative note.

The index was 112 points lower than its previous close (14, 450) at the opening bell. Trading substantially lower in the first half of the trading session, the index hit the lowest of the day—164 points lower than the previous close. Around the mid of the trading day, the index did make an attempt to cross 14,450 (the previous close), but was soon pulled down. However, with less than hour to go for the closing bell, the index staged a smart recovery not only to breach the resistance of 14,450, but to end 32 points higher. The 50-stock Nifty of the NSE ended 2 points higher.

The market breadth was slightly negative, as of the 2,692 stocks traded on the BSE, 45% stocks (1,389 stocks) declined, whereas 51% stocks (1,199 stocks) advanced; 104 stocks ended unchanged.

Of the 13 sectoral indices, BSE Bankex (1.73%) and BSE Auto (1.31%) led the pack of gaining indices. Metal, realty and oil & gas indices were down for the day, while the remaining eight indices posted gains of less than 1%.

Among the gainers in front-line stocks, HDFC Bank advanced by 3.92% at Rs1,255.45, Satyam Computer Services jumped 3.25% at Rs406.10, Wipro rose 2.14% at Rs428.65, BHEL added 1.96% at Rs1721.70, Mahindra & Mahindra gained 1.91% at Rs574.25 and Tata Consultancy Services was up by 1.77% at Rs832.35. Several blue chip counters witnessed selling pressure. Reliance Industries dropped 2.30% at Rs2,179.65, JP Associate declined 1.85% at Rs156.85, Tata Steel lost 1.37% at Rs577.55 and HDFC shed 0.83% at Rs2,343.80.

On turnover front, Reliance Natural Resources led the drove witnessing a turnover of over 1.85 crore shares, followed by Pennar Industries (1.80 crore shares), Firstsource Solutions(87 lakh shares), Marksans Pharma (72 lakh shares) and IFCI (72 lakh shares).