Markets Close on a Negative Note

It is second consecutive day when market declined and ended near the day’s low due to selling pressure in some of the index based stocks like Reliance Industries, HDFC, ITC and Tata Motors. The S&P CNX opened on a firm note at 5,566 and touched a high of 5605 in the opening trade led by short covering and rally in Reliance Industries ahead of its 37^th Annual General Meeting. But as the AGM turned out into a damp squid, the Nifty surrendered its morning gains and touched a low of 5,507, toeing the line of the Asian counterparts, which were weak since morning. The S&P CNX Nifty ended the day at 5517, down 34 points and the Sensex closed at 18,377, down 118 points. The sector indices that were heavily beaten are metal and oil & gas and were down by 1.05 and 1.34 per cent respectively. However capital good and consumer durables remained only two indices that closed in positive.