Markets end flat amid highly volatile session

The Indian markets remained flat at the close today after being shattered in previous three sessions

Major headlines

ICICI Bank consolidated net profit soars 53% in Q1

SAIL Q1 net profit down 29%

Idea Cellular Q1 consolidated net profit drops 12%



Indian indices

It was a highly volatile trade, with the markets swinging between gains and losses. Investors chose to remain on sidelines in today’s trade on concerns over domestic growth and nervousness due to a US debt deadlock. After three days of losses, the markets closed today’s trade on a flat note.

Weakness in index heavyweight Reliance Industries (RIL) offset gains in another heavyweight ICICI Bank with the key benchmark indices slipping into the red in late trade.

Sensex movements: The Sensex began the session 15 points lower at 18194 and hit the day’s low of 18132 in initial trade. Soon the index turned green and touched the day’s high of 18334 in mid-morning session. The Sensex witnessed extreme volatility all throughout day and closed flat. The Sensex closed lower by 12 points at 18197 and the Nifty shut 6 points down at 5482.

Market sentiment

The market breadth was in favour of declines, with 1748 shares falling, 1121 shares rising and 128 shares remained unchanged.

Viewing volumes

India's third largest mobile operator - Idea Cellular was traded the most with over 0.50 crore shares changing hands on the BSE. Following that a Jaypee Group firm - Jaiprakash Associates (0.39 crore shares), India's second largest developer – Unitech (0.35 crore shares), an India based multinational company — Adani Enterprises (0.35 crore shares) and a large Indian business conglomerate — Lanco Infratech (0.32 crore shares).

Sectoral & stock screening

Eight sectors closed lower while five gained. On losers’ side, BSE Realty lost the most by 2.09%, BSE Metal dropped by 2% and BSE Oil & Gas declined by 1.18%. On gainers’ side, BSE FMCG rose by 0.74%, BSE Bankex gained by 0.53% and BSE TECk went up by 0.50%.

In ‘A’ group stocks, top three gainers — United Breweries shot up by 6.34%, Idea Cellular surged by 4.83% and Exide Industries advanced by 3.26%. Top three losers — Adani Enterprises tumbled by 20.97%, Adani Power fell by 11.66% and Mundra Port slipped by 7.14%.

Global signals

The European stocks fell on Friday, ext ending their week-long slide as US lawmakers failed to break a deadlock over raising the debt ceiling, fuelling fears of a default by the world's biggest economy.

The Asian markets closed lower on Friday on US debt mess.

Weak US stock index futures have set the stage for a negative opening on the Wall Street on Friday.

Market Outlook: US Real GDP and US Consumer Sentiment Index will be out on Friday.