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No mans land : SX40 closes almost unchanged after a volatile session

, May 24, 2013, 0 Comments


Quiet day for Sx40, TATASTEEL and MCDOWELL-N shines.

Following four consecutive days of selling and carnage of Thursday’s, it was day of sideways and consolidation. US markets have provided relief by recouping the losses during the day, It closed with modest losses giving hints that dusts are settling down and market are looking forward for more developments.

Though it was a choppy and volatile session. At one point of time SX40 threatened to break below 11,600 but names like Tata Steel which reported loss yesterday was trading at 313 with a gain of 5% coupled with counters like MCDOWELL-N (up by 5.8%), KTK Bank  (up by 4%) and TATA POWER was trading at 91.30 with smart gains of more than 4% ensured downside are restricted.

Market reacted positively to the comment of Finance Minister P. Chidambaram  that “There is no need for any kind of nervousness”. Finally, the MCX-SX benchmark index SX40 shut shop at 11,681 almost  unchanged from previous days close.

Liquor major MCDOWELL, Auto maker M&M and AXISBANK were among the top traded counters on MCX-SX. The top losers on the MCX-SX were SUNPHARMA down 4.22%, HINDALCO down 2.70%, RELIANCE down 2.29%.

It turns out to be a quite day at the end for market with tentatively halting its downward journey.