JOIN USBroader indices rally, both Sensex and Nifty down
The mood was upbeat segment-wise in Dalal Street, especially for broader indices which continued their gains for the third consecutive day, with an increase in the BSE Midcap index and Small-cap index by 6 and 9 per cent respectively.
The market this morning opened on negative note but managed to spur a bit immediately after start on mixed cues from the global markets. But the rally was short-lived as the market slipped into the red once again in early afternoon trade.
The market cut losses in choppy mid-afternoon trade as European stocks rose. The Sensex at BSE lost 241.37 points or 1.69 per cent to close at 14,060.66 points. The index jumped 103.48 points at the day’s high of 14,405.51 in mid-morning trade and fell 325.54 points at the day’s low of 13,976.49 points in late trade.
The broader based S&P CNX Nifty at NSE was down 48.15 points or 1.11 per cent to settle at 4,270.30 points. Nifty May 2009 futures were at 4286.80, at a premium of 16.50 points over the spot closing of 4270.30. Turnover in NSE’s futures & options (F&O) segment declined to Rs 70570.87 crore from Rs 105985.51 crore on Tuesday, 19 May 2009. BSE clocked a turnover of Rs 8,390 crore, lower than Rs 11781.35 crore on Tuesday, 19 May 2009.
Hectic buying
Meanwhile, the upward rally of broader markets indices continued for the third day, Small-cap and mid-cap stocks witnessed hectic buying. Accordingly, the BSE Mid-Cap index rose 6.03 per cent to 4673.77 and the BSE Small-Cap index rose 8.86 per cent to 5,208.18.
Small-cap and mid-cap indices have risen sharply in the past two months. From a low of 2,553.49 on March 9, 2009, the BSE Mid-Cap index has galloped 2,120.28 points or 83.03 per cent, while the BSE Small- Cap index has jumped 2,341.50 points or 81.67 per cent from a low of 2,866.68 on 9 March 2009.
Meanwhile during the day, European shares were on for a fifth day of gains, with miners among the top gainers. Key benchmark indices in France and Germany were up by between 0.22 to 0.5 per cent, while UK’s FTSE 100 fell 0.4 per cent. Asian stocks too rose as oil traded above $60 a barrel. Key benchmark indices in Japan, South Korea, Singapore and Taiwan were up by between 0.39 to 0.72 per cent, whereas in China and Hong Kong they were down by 0.39 to 0.94 per cent.