Strong mid-day start for benchmark indices
Stock markets registered an impressive mid-day start, but started declining in the afternoon. Though the benchmark indices showed solidity earlier during the day, they failed to maintain the lead until the end of the week
THE RECESSIONARY market condition that has given nightmares to the corporate giants is evident from the Indian stock market conditions that remained ordinary at the end of the day. The stock market performance was expected to be promising at the start of the day. However, unfortunately, the Sensex as well as the Nifty manifested mediocre levels after the last hour. The Sensex stood at 8903 and the Nifty at 2762, registering a pretty ordinary gain. On the other hand, the CNX Midcap and the BSE (Bombay Stock Exchange) Smallcap showed a decent ending at .4 and .6 respectively. In fact, it is also being noticed that a lot of unfair trading took place in the last trading session.
On the other hand, the benchmark indices showed prominent gains during the mid-day session. In fact the sectors that showed prominent gains were metal, information technology, automobile and capital goods. Other than the Sensex and the Nifty that registered a gain of 162 points and 52 points respectively, the BSE Midcap and the BSE Small cap showed a decent gain. The afternoon session was pretty ordinary as the benchmark indices kept falling, which was clearly evident from the Sensex and Nifty levels. Amongst the worst hit were metal, realty and banking stocks. Even the CNX Midcap and the BSE Small cap were down by 1.5 per cent and 1.6 per cent respectively.
The week had a disappointing ending with the Sensex at 8843, which marked a fall of 199 points, whereas the Nifty was down by 53 points, closing at 2736. Other than this, even the Midcap and the Smallcap showed losses, falling by 1.5 per cent and 1.7 per cent respectively. The top gainers of the day were ABB and ACC, whereas the losers were ICICI bank, HCL Tech, Reliance Communications, TATA and Reliance Infra.
The week had a disappointing ending with the Sensex at 8843, which marked a fall of 199 points, whereas the Nifty was down by 53 points, closing at 2736. Other than this, even the Midcap and the Smallcap showed losses, falling by 1.5 per cent and 1.7 per cent respectively. The top gainers of the day were ABB and ACC, whereas the losers were ICICI bank, HCL Tech, Reliance Communications, TATA and Reliance Infra.
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