The market witnessed a knee-jerk upmove just as the finance minister came out with the economic survey today but later struggled to get past the 4,300 mark as realisation seeped in that the recommendations in the survey may be too ambitious to be actually implemented.
The last hour of trade witnessed high volatility as the market would tomorrow head into the Railway Budget. Metal, power stocks along with ONGC were the gainers while capital goods, banking, auto and telecom stocks along with Reliance Industries witnessed selling pressure.
The 30-share BSE Sensex closed at 14,658.49, up 0.09 pc or 13.02 points, after seeing a swing of 294.66 points between an intraday high of 14,764.35 and low of 14,469.69. The 50-share NSE Nifty witnessed swing of 94.25 points between a day's high of 4383.65 and low of 4288.75, before ending at 4348.85, up 0.18 pc or 7.95 points.
Mkts -ve; Sensex down by 108 pts
At 01:01 pm the sell-off in capital goods, banking, technology, telecom, realty, auto and private power counters along with Reliance Industries, was putting pressure on the benchmark indices.
The volatility was not yet out, as on the other side, ONGC, GAIL, NTPC, HDFC, Tata Steel, Sterlite, Sun Pharma, Power Grid, Jindal Steel, Grasim, SAIL and Nalco were adding some choppiness.
The Sensex was down 108 points, to 14,537 and the Nifty lost 32 points, to 4,308. The broader indices were flat in trade. The Nifty Jul Futures were trading with 14 points discount.
The market breadth was a bit mixed; about 1416 shares advanced while 1313 shares declined on the BSE. Nearly 427 shares were unchanged.
Reliance Industries, Bharti Airtel, BHEL, SBI, Reliance Communication, Infosys, L&T, ICICI Bank and HDFC Bank were negative contributors to the bourses.
Mkts continue +ve; ONGC, GAIL gain
At 12:22 pm, both the indices were choppy in trade and continued to hover around their previous closing values.
Huge buying was seen in ONGC and GAIL, both shot up 9 pc and 14 pc, respectively. Shares of oil marketing, metal, select pharma and power companies along with HDFC, ICICI Bank, were witnessing buying interest. However, volatility continued due to selling in capital goods, auto, banking (barring ICICI Bank), FMCG and major telecom stocks along with Reliance Industries.
The Sensex fell 27 points, to 14,618 and the Nifty declined 5 points, to 4,335. The BSE Midcap Index gained 0.9 pc and the Smallcap Index rose 1.6 pc. About 1632 shares advanced while 1048 shares declined on the BSE. Nearly 476 shares were unchanged.
Mkts +ve; ONGC, DLF, BPCl gain
The benchmark indices started the day on a positive note led by ONGC and shares of oil marketing companies. At 9:56 am, the Nifty was down just 2 points, to 4,338 while the Sensex was up 8 points, to 14,654.
The CNX Midcap went up 24 points, to 5,498. About 376 shares advanced while 278 shares declined on the NSE.
Among the frontliners, ONGC, BPCL, HPCL, IOC, Power Grid, GAIL, Tata Steel, Tata Communication, Jindal Steel, Sterlite, Ranbaxy and Sun Pharma were the gainers.
However, TCS, Tata Motors, DLF, Tata Power, Siemens India, Reliance Power, Unitech, Suzlon and Maruti lost ground.
In Midcap space, education stocks like NIIT, Aptech, Navneet Publications and Educomp Solutions were up over 2 pc. Educomp Solutions July futures were trading with 138 points discount. Mahindra Satyam was up 1 pc. However, Bajaj Holdings was down over 2 pc.