Market Review - Oct 7 2009

Yesterday’s recovery proved short lived as after opening on a positive note, markets saw a sharp selloff in the noon trade and closed nearly 1% down in today’s trade. Sensex lost 151 points to close at 16806, while Nifty ended at 4985, down 41 points. BSE Mid-cap and Small-cap indices, however, gained 1.4% and 0.5% respectively. IT Stocks were under pressure as rupee continued to strengthen against the dollar, touching a level of 46.49 intraday, the highest since Sept. 26, 2008. Metal stocks however gained as weak dollar made the base metals shine. European markets were trading lower by about one third of a percent, while US stocks indices futures were marginally in the green.

BSE Consumer Durable index gained 4.6%, the highest among the sectoral indices, followed by Metal index, which gained 2.3%. IT and Teck indices lost 2.7% and 2% respectively. Sterlite ind and JP Associate were the top gainers among the Sensex stocks, putting on 5.5% and 2.3% respectively, while Wipro and Maruti lost the most, shedding 4.3% and 3.9% respectively. BSE advance-decline ratio stood at 1.1:1.