Sticky Markets Close On Tame Note

After opening on flat note, the Indian markets remained range-bound for most of the session and finally closed on a flat note. The Sensex closed down by 0.01% and Nifty was up by 0.02%. Among the major sectoral gainers were Auto, Metals and PSU, closed higher by 1.22%, 0.825 and 0.81% respectively. In the losers pack, Realty, Tech, CG and Bankex closed lower in the range of 0.18%-1.91%.

Earlier in the day, all the Asian markets closed in the green. The Hang Seng, Nikkei and Shanghai finished up by 0.05%, 0.88% and 0.16% respectively. Investors are quiet hopeful on the stimulus measures to be announced by the central banks and are also waiting for the Chinese economic data due to be announced on Thursday.

The European markets have stepped back from the four-month high witnessed in the previous session and are currently looking weak. The major indices FTSE, DAX and CAC have taken losses of 0.38%, 0.65% and 0.72% respectively. However, the expectations that the central banks could provide further support to the ailing economies is perceived as likely to stop any weakness in the coming days.

Dow Jones Futures is currently trading 34 points or 0.26% down at 13085, indicating a negative sentiment in the markets.

The Auto stocks were on the investors' radar today. M&M and Cummins India closed higher by 4.17% and 3.20% respectively. Metals stocks also looked quite firm today, up by 0.74%. Companies on the index like Hindalco, Jindal Steel, JSW Steel and Sterlite closed higher by 2.23%, 1.29%, 1.08 and 1.15% respectively.

Among the major losers, Bharti Airtel, GAIL India and ICICI Bank closed negative, losing 6.36%, 2.46% and 1.62% respectively.

Bharti Airtel finally ended in the deep red, lower by 6.7% to touch Rs 274.35. The company disappointed with its Jun quarter results. GVK Power too fell by almost 5% to Rs 12.80 after announcing its quarterly numbers.

The Indiabulls group companies' stocks closed lower in the range of 2%-3% today. This was after Canada-based research firm Veritas released its report raising various corporate governance issues in the company.

The market breadth, which indicates the overall health of the market, remained negative for the day. Out of the 3296 stocks traded on the BSE, 1786 have declined, 1389 have advanced and 121 are unchanged.