Mkt ends lower on Mahurat trade after gap up opening

Samvat 2064 started on anegative note as markets ended weak after seeing a gap up opening in Mahurat trade. It is the first negative close on Mahurat trading in the last 7 years. It is festive season and was more like a token day without much particiaption from institutional investors. The volumes were very low. Broader markets outperformed the frontliners.

It has been slightly sluggish in US and cues were not very encouraging from other markets. Dow ended in red and continuing the trend most Asian markets ended lower.

The Indian market ended in red continuing the correction and consolidation that started in the past few sessions. The markets have corrected tracking the gloabl peers on account of credit concerns in US.

In the opening trade Sensex was up 244 points and Nifty was up 78 points. Later reversed all its gains and Sensex was down 151.33 points or 0.79% at 18,907.60, and the Nifty down 35.50 points  at 5663.25.

About 2005 shares have advanced, 967 shares declined, and 93 shares are unchanged.

The midcap stocks were attracting all the attention. Gujarat NRE Coke, Ispat, Gitanjali Gems, Zee News were among the gainers. NTPC, Reliance Ind, Reliance Communication, HPCL, BPCL, Suzlon Energy, Cipla were among the top gainers.

Wipro, ICICI Bank, Satyam, ACC, Bharti Airtel, Tata Steel, SAIL and Tata Power were among the top losers. ACC, ICICI Bank, SAIL and Tata Power were down over 3% each.

There is a word of caution from most of the analyst. In the near term the markets will see some correction and consolidation but on the positive side the long term view continues to be bullish, say experts.

When we look at Diwal to Diwali returns; Sensex is up 50%, Nifty is up 55%, CNX Midcap up 55%. The Sensex has crossed 8 milestone of 1000 points since last Diwali. It has moved up from 13,000 to 20,000. The market capitalisation has added Rs 29 lakh crore to Rs 62 lakh crore. Among the indices, capital goods index gave the highest return it was up 133%. However, IT index was the laggard down 9%.

Market slip after opening strong on Mahurat trade

The markets are seen celebrating the auspicious occasion of Diwali and have opened in green on the Mahurat trade. It is a festive day and is more like a token day without much particiaptioon from institutional investors. The volumes were very low. Broader markets outperformed the frontliners.

It has been slightly sluggish in US and cues are not very encouraging from other markets.

The positive trade comes after some consolidation in the past few sessions. The markets have corrected tracking the gloabl peers on account of credit concerns in US.

In the opening trade Sensex was up 244 points and Nifty was up 78 points. Later gave up some of the gains and was trading flat. The Sensex was trading at 19088 up 21 points and Nifty was up 3 points at 5701 at 6:08 pm.

The midcap stocks are attracting all the attention. Gujarat NRE Coke, Ispat, Gitanjali Gems, Zee News were among the gainers.

NTPC, RPL, Rel Energy, Reliance Ind, Reliance Communication, GMR Infrastructure, ONGC were among the top gainers.

Although in the near term the markets may see some bouts of correction but the long term view continues to be bullish, say experts.

When we look at Diwal to Diwali returns; Sensex is up 50%, Nifty is up 55%, CNX Midcap up 55%.

The Sensex has crossed 8 milestone of 1000 points since last Diwali. It has moved up from 13,000 to 20,000.

The market capitalisation has added Rs 29 lakh crore to Rs 62 lakh crore.

Among the indices, capital goods index gave the highest return it was up 133%. However, IT index was the laggrad down 9%.