Markets End Lower, MMTC surged 7%

The Indian markets saw an extremely volatile trading session this evening. Nifty ended down by 28 points at 5914 and Sensex closed at 19,535 down by 110 points. Both the indices closed down in the range of 0.48%-0.56%. 

The advance–decline ratio ended on a negative side at the end of the day. On the NSE, 871 shares closed in red and 510 shares closed in green. 

Top 5 Gainers on NSE: Ranbaxy Labs ended up by 2.39% as the top gainer on NSE, followed by Ambuja Cement, ACC, Hindustan Unilever and Tata Motors.

Top 5 losers on NSE: Cairn India ended the day as the top loser on the NSE, down by 3.19% followed by Tata Power, BHEL, Bharti Airtel and Siemens.

Most of the sectors ended in red. Consumer Durables, Power and Realty were the top losers in the whole lot of the sectoral pack. FMCG was the lone sector to hold its gain at the end of the day and closed up by about 0.80%. 

The European shares were steady after the recent rally. All the indices are trading flat. FTSE is trading flat with a positive bias, followed by CAC and DAX. 

Meanwhile, the Asian markets ended in red. China’s Shanghai Composite ended lower by 1.05%, followed by Hang Seng, Taiwan Weighted and Japan’s Nikkei 225. 

Buzzers: The stocks of the state owned MMTC, today, rebounded by as much as 12% from its record lows on reports that the government has decided to defer a stake-sale citing unacceptable valuation. The stock registered a low of Rs 280 and rebounded sharply to the levels of Rs 324. It closed with gains of 7% at Rs 318.

The sugar stock rallied more than 3% in today’s trade in a subdued market on reports that the government is likely to consider a proposal on sugar decontrol this week. Dhampur Sugar rallied 4%. 

Going ahead, we feel that the markets will be range bound between 5880-5975, and a break of range on either side will give a quick move of 50-60 points in Nifty.