MUMBAI, MARCH 30: The lacklustre trends witnessed in the market over thelast couple of trading sessions gave way to extreme volatility duringThursday's trading. On the penultimate day of trading in the currentaccount, the market opened weak and during the day, went below the 4900-markfor the first time during the current year. However, a smart recovery duringthe latter half of the day helped the Sensex close with a net loss of 61points at 5041 against Wednesday's 5102.According to brokers, the market outlook is bearish and is expected to dipfurther on Friday. According to a dealer with a domestic broking house, incase the Sensex goes below the 4943-level, the next support level is ataround the 4750-mark. The recently expressed doubts over the valuations oftechnology stocks worldwide is also having its effects on the Indianbourses.
On Thursday, markets were extremely volatile. As a result of a sharp fall onNasdaq, the software stocks opened with a huge gap, and declined further.Nearly 80 per cent of the top software stocks hit the lower circuit. Wipro,Infosys, Silverline, HFCL, Rolta, Digital Equipment are examples.
Reliance Industries was the star performer of the day as it moved one-wayfrom Rs 260 to Rs 291, hitting the upper circuit. The rally in the Reliancecounter changed market's mood completely and at the day's close the Sensexhad recovered around 150 points from the day's low of 4891. Around one croreshares of Reliance were traded on the BSE.
According to brokers, the market is bullish on the stock after the drop incrude prices worldwide. According to a BSE broker, Reliance is going to beone of the biggest beneficiaries from the recent OPEC production hikedecision. Along with Reliance, SBI, L&T, Reliance Petro and Reliance Capitalalso closed strong.
The sharp rally in the Reliance counter helped the sentiment and a largenumber of stocks showed a recovery from their respective lows. The softwarestocks too showed recovery.
On Thursday, the Nifty too showed a fall of 9 points and closed at 1549.25points. The high was 1557.85 points, whereas the low was 1489.10 points.While the sentiment remained volatile, the number of declines was also quitehigh at 1190. The number of advances stood at 705, and around 186 stocksremained unchanged. The BSE trading volume stood at Rs 3048 crore, and thesame figure on the NSE was Rs 4378 crore.
Stocks which hit the upper circuit were: Reliance, Atn International, SriAdhikari, Mobile Tele, Catvision, Tube Investment, Xo Tronic, KECInternational, Shasun Chemicals, Global Trust, Plastiblends, Blue Dart,Kotak Mahindra Finance, Berger Paint, Autoride Industries, SamtelElectronic.
Other gainers for the day were: Reliance Petro, Mcdowell, Alok Textile,Advent Computers, Tata Power, P&G, BOI, Bilt, Gujarat Gas, Jaiprakash, ModiXerox, Bhartiya International, Camline, Goa Carbon, Hindustan Motors.
Meanwhile, stocks like Wipro, Rolta, NIIT, GV Films, Global Tele,Silverline, Yash Management, Sawca Comm, Frontier Info, Filmcity Media, SKumar Power, MP Tele, Jupiter Orga, Cybermate, PCS, Kashyap Radiyant, ZicomElectric, Priciple Pharma, Tata Telcom, Cybertech, Modiluft, IEC Soft,Sonata Software, Videocon VCR, Kopran Drugs, Vans Info, and Shyam Tele hitthe lower circuit.
Other losers for the day were : Satyam Computers, Infosys, BSES, DigitalEquipment, HDFC, HPCL, SSI, Tata Elxsi, M&M, VSNL, GV Films, Aptech, OjasTechno, HCL Techno, Filmcity Media, Kale Consultants, Peerless Shipping,National Radio, Atco, Nath Seeds, Tanu Leafin, Tata Finance, TVSElectronics, Vision Techno, PSI Data, Mangalam Cement, VXL Instruments.
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