Markets end see-saw trade in red

After a spectacular rally in the previous session, the Indian markets were directionless today and closed on a negative note. The Sensex fell 34 points and the Nifty slid 7 points.

Major headlines

Global economy facing slowdown: PM

Idea Cellular, Bharti Airtel gain on strong user addition in August

KS Oils sale may face obstacle; stock falls

Everonn Education rallies 5% on stake sale to Dubai-based Co



Indian indices

It was a highly volatile session. In the absence of domestic trigger, investors looked to the Federal Reserve to announce steps to guide long-term US interest rates lower to help the economy. The Indian markets struggled for direction all throughout the day and closed the trade in red. Weak European cues weighed on the sentiment.

Sensex movements: The Sensex opened the session 30 points higher at 17129 and went up to hit the day’s high of 17191 after few minutes of opening bell. However, the gains were short-lived as the index slipped in the red in the first hour of trade and remained rangebound. Further, the Sensex came under pressure, hitting the day’s low of 17001 in early afternoon session tracking weak European cues and selling in auto, oil & gas stocks. At the closing, the Sensex fell 34 points to settle at 17065 and the Nifty shut shop at 5133, down by 7 points.

Market sentiment:

The market breadth stood positive. Of the 2964 stocks traded on the BSE, 1610 (54.32%) rose, 1228 (41.43%) fell and 126 (4.25%) remained unchanged.

Viewing volumes

India's second largest developer - Unitech witnessed highest trading with over 0.65 crore shares changing hands on the BSE. Then comes Jaypee Group firm - Jaiprakash Associates (0.34 crore shares), wind turbine major - Suzlon Energy (0.32 crore shares), a unit of infrastructure major GVK Group - GVK Power & Infrastructure (0.23 crore shares) and Indian shipbuilder - Pipavav Shipyard (0.20 crore shares).

Sectoral & stock screening

Among the 13 sectors, seven closed the session on a positive note. BSE CD was the top gainer rising by 2.04%, followed by BSE Bankex up by 0.96% and BSE Realty gained by 0.83%. Top losers - BSE Oil & Gas lost by 1.16%, BSE Auto slid by 0.91% and BSE Metal fell by 0.26%.

In 'A' group stocks, top winners - Century Textiles & Industries up by 4.38%, Shree Renuka Sugars rose by 4.27% and Torrent Power surged by 3.72%. Major losers - Sterling International Enterprises down by 3.69%, Rajesh Exports declined by 3.17% and Hero MotoCorp fell by 3.06%.

Global indices

The European stock markets slipped on Wednesday, as a lack of a concrete solution to Greece's debt turmoil hampered the markets' enthusiasm for gains ahead of the Federal Reserve's policy meeting in which participants are expecting new monetary easing measures to jumpstart the US economy.

Majority of the Asian stocks surged on Wednesday, reversing earlier losses, after a gauge of economic indicators signaled that growth in China is withstanding Europe's debt crisis and a faltering US economy. However, Hang Seng and Jakarta Composite closed lower.

The US stock futures pointed to a slightly higher open on the Wall Street on Wednesday.

Market Outlook: Events in the US on Wednesday - Existing Home Sales and FOMC Meeting Announcement.