Market undergoes correction in choppy trade

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Mumbai, January 12:: Key indices the benchmark Sensex and the Nifty underwent healthy correction amid high volatility during the week.

The mid-cap and small-cap indices, however, witnessed a pull-back rally after the downward correction.

Analysts were optimistic about a bounce in the second -line shares, while placing the upper targets for Sensex at 21,200-21,245 and lower support at 20,319-20,050, anticipating sustained volatility.

They anticipate volatility as the key index shied away from the 21,200 points major resistance in the last three sessions.

The choppy trade was attributed to heavy sales by investors, which are showing strong appetite for the initial public offer of Reliance Power scheduled to open for subscription next week as well as new mutual funds that provide large returns.

The BSE Mid-Cap index lost 674.58 points or 6.67 per cent and the Small-Cap index plunged by 1,190.09 points or 8.57 per cent over the week.

However, the Bombay Stock Exchange barometer Sensex ended the week at 20,827.45, a net gain of 140.56 points or 0.68 per cent over last weekend's close of 20,686.89.

The 30-share index moved widely in the range of 21,206.77 (an all-time intra-day peak) and 20,438.19. It also recorded a new closing peak of 20,873.33 on January 8.

But the broader S&P CNX Nifty of the National Stock Exchange ended the week 74.20 points or 1.18 per cent lower at 6,200.10 from previous weekend's close of 6,274.30.