Mid-caps rally

Indices gave up early gains and ended flat to negative Wednesday. Continuing with the pattern seen over the last couple of sessions, Indian equities opened higher tracking firm global markets, but were unable to hold gains as traders sold for profits.

 

"People are sceptical at higher levels, especially in index stocks, but buying interest still persists. Every day a different set of stocks take turns to hold indices at higher levels, showing a distribution pattern," said Suresh Kumar Iyer, technical analyst at Asit C Mehta Investment
Interrmediates.

 

Today, indices were supported by Reliance Energy (up 3.24%), Bajaj Auto (2.55%), Reliance Industries (1.34%), HDFC (0.84%), Tata Steel (0.37%) and Mahindra & Mahindra (0.17%).

 

Bombay Stock Exchange's Sensex closed down 37 points or 0.24 per cent at 15,505.36, making a high of 15,661.44 and low of 15,486.81 during the day.

 

National Stock Exchange's Nifty finished flat at 4496.85. The index traded within the band of 4490.4 and 4531.5.

 

"Till the Nifty crosses 4551 decisively, we will continue to see sideways movement," Iyer said.

 

Selling in NTPC, ITC, ICICI Bank, Cipla, Hindalco Industries, Ambuja Cements and Larsen & Toubro kept indices in check.

 

However, the broader market saw a smart rally. The BSE Mid-cap Index ended up 0.2 per cent at 6,889.55 and CNX Mid-cap Index gained 0.36 per cent to 6275.4.

 

Market breadth on BSE showed 1,541 advances and 1,157 declines, while on NSE, 613 shares advanced and 512 declined.

 

Realty stocks were buzzing on reports sector heavyweight Unitech will be added to the Nifty. The BSE Realty Index was up 1.47 per cent at 7,642.34.

 

Unitech closed 3.11 per cent higher at Rs 262.15, Parsvnath Developers gained 1.32 per cent to Rs 319.70, HDIL rose 1.72 per cent to Rs 572.25 and DLF was up 2.82 per cent at Rs 634.8.