Markets End on a Negative Note

The key benchmark indices ended a fairly choppy session of trade on a depressing note, in a marked departure from enthusing global market cues, due to the rollover pressures ahead of derivatives expiry on Thursday and selling on select heavyweight counters. The Sensex swung in a range of around 200 points before ending at 19448, lower by 96 points and the Nifty ended at 5833, down 34 points. There was not much activity on the broader market front though, with the midcap and small cap indices ending virtually unchanged at 7238 and 8897 respectively. Banking stocks declined after the RBI imposed penalties on 19 banks for not complying with its instructions on derivatives. On the other hand, ONGC strengthened by 2.5% at Rs 311, M&M gained 1.6% at Rs 768 and Maruti Suzuki added 1.1% at Rs 1315. Volatility is likely to remain high on Thursday as it marks the expiry of the current month derivatives series. Announcement of inflation numbers midway through the session is also expected to trigger a two-way movement on the indices. The credit policy on (the not-too-distant) Tuesday should also inject some caution on Dalal Street activity. The market breadth was marginally negative. Out of 2,987 stocks traded on the BSE, there were 1,317 advances as against 1558 declines.