Friday 29 May 2015

Sensex ends 58 points down, Nifty above 8,300

Equity trading tips : Sensex ends 58 points down, Nifty above 8,300

Coal India Q4 net seen up 5%, e-auction volume key: Poll

Sahara enters fray for its own Grosvenor hotel

United Spirits gets MCA, I-T dept notices to inspect books

ONGC Q4 profit seen at Rs 6000cr, revenue Rs 21000cr: Poll

Chinese mkt cracks 6.5%; strategist sees volatility ahead

The 30-stock benchmark Sensex ended the day at 27,506.71; down 57.95 points. The broader 50-share Nifty closed at 8,319.00; down 15.60 points.

19 stocks on the Sensex closed the day in red. Sectorally, healthcare index was the top loser, down 1.31%.

Tata Motors was the top gainer on Sensex, up about 3%. Cipla was the top loser, down nearly 3%.

It was another highly volatile day on Dalal Street, with the Sensex slipping over 200 points in intraday trades, getting into green in intraday trade, after a flat opening.

The sentiment turned pretty bearish in afternoon deals after China stocks took a sudden plunge, sinking over 6% on reports that its central bank sold 7-day, 14-day, and 28-day forward repos to financial institutions in recent days at current market interest rates.

Indian markets were volatile also because of F&O expiry as traders roll over positions in the futures & options (F&O) segment from May 2015 series to June 2015 series.

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Thursday 28 May 2015

Sensex, Nifty end flat ahead of F&O expiry; BHEL gains 4%

Equity trading tips : Sensex, Nifty end flat ahead of F&O expiry; BHEL gains 4%

Tech Mah sinks 14%

Excl: IndiGo to file for $400mn IPO by July, may offer 25%

Wockhardt rises 11%; USFDA completes Waluj inspection

Jindal Steel Q4 profit may tank 98% to Rs 10 cr: Poll

Economy to grow 7.6-7.8%; less monsoon risk exists: ICRA

The Indian markets closed the on a mixed note after trading in the red zone through the day, with 30-stock benchmark Sensex ending at 27,564.66; up 33.25 points.

The broader 50-share Nifty ended the day at 8,334.60; down 4.75 points.

17 stocks on the Sensex ended the day in green. Sectorally, auto was the top loser, skidding over 2%. Bhel was the top gainer on Sensex, up over 4%. Tata MotorsBSE -5.12 % was the top loser, down 5%.

The slight bout of pessimism prevailing on Dalal Street prevailing for some time now that saw Indian benchmark indices trade in red today for over 95% of the trading session was stoked by this statement: "Markets should not be greatly surprised by either the timing or the pace of normalization (referring to interest rate hikes)", coming from Federal Reserve Vice-Chairman Stanley Fisher last evening.

This statement was read as the reason behind the overnight slump on Wall Street, which saw tech-heavy Nasdaq slip 57 points to 5,032.75 and 30-stock Dow index losing 190 points to 18,041.54.
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Wednesday 27 May 2015

Sensex ends 112 pts down, Nifty below 8350; BHEL jumps 5%

Equity trading tips: Sensex ends 112 pts down, Nifty below 8350; BHEL jumps 5%

PNC Infratech debuts higher but fails to hold gains

Dish TV beats forecast, turns corner with Q4 net at Rs 35cr

Tech Mah Q4 seen down 11.4%; wage, currency may hit margins

India Inc raises Rs 11,500 cr via rights issue in 2015

MAMPL exits DIAL, GMR airports acquires its 10% stake

The 30-stock benchmark Sensex ended the day at 27,531.41; down 112.47 points. The broader 50-share Nifty ended at 8,339.35; down 30.90 points.

On Sensex, 16 stocks closed in the red. Sectorally, oil and gas index was the biggest loser, down 1%.

BHEL was the top gainer among Sensex stocks, surging over 5% in intraday trade after the company reported Q4 PAT at Rs 888 crore.

This was the second consecutive day of fall on Dalal Street, with Nestle cracking 5.78% in intraday trade following reports that Uttar Pradesh FDA may file a criminal case against the company in one week's time. The stock pared losses in later trade.

Tata Motors fell 1 percent, down for a second session amid expectations its January-March earnings due later in the day could disappoint due to sluggish sales at unit Jaguar Land Rover in China.

Rupee rolled on with its losing streak for a second straight day and hit day's low of 63.98 versus the US dollar, down 40 paise.

Tuesday 26 May 2015

Sensex, Nifty drop 1%; Vedanta, HDFC, Tata Steel top losers

Equity trading tips: Sensex, Nifty drop 1%; Vedanta, HDFC, Tata Steel top losers

ITC slips 3%; analysts say cigarette volume pressure to remain

CLSA downgrades Tata Steel, wary of margins; stock falls 2%

Sebi mulls system-driven disclosure regime for listed firms

DLF targets Rs 4,000 crore new sales bookings this fiscal

BHEL Q4 profit seen down 57.5% at Rs 783 cr: CNBC

That sinking feeling! The 30-stock Sensex ended the day in red at 27,643.88; down 313.62 points. The broader 50-share Nifty closed the session at 8,370.25; down 88.70 points.

Of the 30 Sensex stocks, 25 ended the day in red. Sectorally, BSE metals index was the top loser; down 1.73%.

ONGC emerged as the top gainer among Sensex stocks, up over 2%. Vedanta was the top loser, down nearly 4%. Canara Bank took a sudden plunge after the bank announced its Q4 results. The stock cracked nearly 5%.

Tech Mahindra slipped nearly 5%, and was the top loser on Nifty. The company will announce its quarterly results tomorrow. Q4 net profit is seen 10% down at Rs 724 crore.

Caution also prevailed ahead of gross domestic product growth data due on Friday. Domestic shares have been on a solid path so far this month, recovering from a volatile April amid continued hopes of an economic recovery.

Monday 25 May 2015

Equity trading tips: Sensex up 148 pts, Nifty ends above 8450

Equity trading tips: Sensex up 148 pts, Nifty ends above 8450

SBI drags 3%, Punj Llyod soars 15%

Britannia Industries soars 12% on Q4 nos, margin improves

RBI gives more leeway to banks on NPAs sales

FY16 fiscal situation comfortable: Govt sources

ITC Q4 net seen up 10%, cigarette volumes may fall 9-10%

The market ended with good gains supported by infra, oil, IT and pharma stocks. The Sensex was up 148.15 points or 0.5 percent at 27957.50 and the Nifty ended 37.95 points or 0.4 percent at 8458.95.

About 1205 shares have advanced, 1515 shares declined, and 160 shares are unchanged. HDFC, TCS, Sun Pharma, ONGC and L&T were top gainers in the Sensex. Amogn the losers are SBI, Hindalco, Wipro, Axis Bank and Tata Power.

Sentiment was also boosted after the country's largest lender SBI reported decline in bad loans, and strong Q4 profits despite higher provisioning. This led to expectations that the entire banking sector will turn the corner, going ahead.

Sensex: 27,957, up 148 points;

Nifty: 8,459, up 38 points

Friday 22 May 2015

Nifty ends at 8421, Sensex flat; Bajaj Auto up 7%, ITC weak

Equity trading tips: Nifty ends at 8421, Sensex flat; Bajaj Auto up 7%, ITC weak

Bajaj Auto Q4 net falls 18.5% on weak volume; expenses hurt

SBI Q4 net seen up 14%; NII growth, slippages eyed: Poll

Strides Arcolab to buy Aspen's generic biz in Australia

Tata Steel tanks 5% on dismal Q4 nos; analyst cut target

M&M to buy stake in Mitsubishi Heavy's farm machinery unit

The market ended on a tepid note. The Sensex ended down 27.86 points or at 27809.35 and the Nifty slipped 2.25 points at 8421.00. About 1180 shares advanced, 1513 shares declined and 182 shares were unchanged.

Tata Steel ended with 5 percent loss. Vedanta fell 3 percent while Cipla, ICICI Bank and ITC were major laggards. Bajaj Auto was up 7 percent while Coal India, Axis Bank, L&T and HUL were gainers.

The stock markets have entered a consolidation mode, keenly awaiting the June 2 monetary policy review by the RBI, which is widely expected to ease lending rates in the backdrop of weak factory output growth and a benign inflation scenario. The benchmark indices opened the session with gains, but slipped into the red soon after as FMCG, metals, oil and gas sector shares came under selling pressure.

They traded in a very narrow range throughout the session, with the broader Nifty cutting losses to claw its way back past the crucial 8400 levels.

Forecasts of a timely monsoon have also strengthened hopes that the central bank would cut rate on June 2 to spur investment and consumption.

Thursday 21 May 2015

Sensex closes 192 pts up, Nifty above 8,400 mark

Equity trading tips: Sensex closes 192 pts up, Nifty above 8,400 mark

Rupee hits day's low of 63.87 against US dollar

Bharat Forge takes sudden plunge post Q4 show

Nikkei back to 15-year highs, above 20100 level

Libor rigging: UBS to settle probe, pay $545 mn

Gold slides to 1-week low | Brent crude @ $64

Value buying by investors and foreign funds, who had been selling Indian equities over the past several sessions, helped the markets close with handsome gains. After days of extreme volatility, markets finally appear to be consolidating.

Markets now await the monetary policy review of the RBI, which meets on June 2, for a definitive directional cue. The central bank is widely anticipated to ease rates on the back of weaker industrial output growth and benign inflation scenario.

The broader Nifty, too, gained over 70 points, but the key indices pared some gains as the trading session progressed. The gains were mostly led by technology and banking shares.

Sensex @ 27,837.21, up 191.68 points. Nifty @ 8,423.25, up 57.60 points.

BUZZING STOCKS:

 Man Infra spiked nearly 4% after reports it may sell stake in realty project to Dilip Shanghvi.

Wednesday 20 May 2015

Nifty ends day in red after reclaiming 8,400 in intraday deals

Equity trading tips: Nifty ends day in red after reclaiming 8,400 in intraday deals

Tata Power Q4 net seen at Rs 91 cr led by Mundra 13

See double-digit growth in infra sector ahead: CMIE

Colgate Palmolive Q4 net up 23.7% at Rs 163.6 cr 5

Exiting wind biz to focus on other projs: Techno Electric

Vodafone returns to quarterly sales growth

Indian markets ended the day in the red after flip-flopping between red and green zones through the day in an about 100-point range. The broader 50-share Nifty reclaimed 8,400 for the first time since April 24 in intraday trade, but ended the day below that psychological mark.

Sensex @ 27,645.53; down 41.77 points.

Nifty @ 8,365.65; down 8.00 points.

BUZZING STOCKS

HOEL rallies over 9% intraday as Oil Ministry and DGHC approve commerciality of Dirok block in Assam

NBCC gains over 5% intraday after the company undertook the task of developing four Waqf Board properties as institutional and commercial projects, with an estimated cost of Rs 398 cr

Premier Explosives surges over 5% intraday as the company has received Industrial Licenses from the DIPP for manufacturing of certain ammunition.

Tuesday 19 May 2015

Sensex gains 363pts, Nifty ends above 8350; DRL, HDFC surge

Equity trading tips: Sensex gains 363pts, Nifty ends above 8350; DRL, HDFC surge

Asian Paints Q4 lower than estimates, net up 19% at Rs 341 cr

NSE to auction government debt worth Rs 2,684 crore today

Tata Coffee surges 11%, Q4 net jumps 2-fold on sales growth

FPIs pull out Rs 17,000-crore in two weeks on MAT worries

EPC contribution to revenue at Rs 40-50 cr: Gammon Infra

The Indian markets saw heavy buying towards the end of the trade, ending the day with second consecutive session of gains. Blue-chips rose after forecast of a timely monsoon raised hopes that the Reserve Bank would lower interest rates in June.

The volatility index (VIX) ended the day @ 17.90. The index slumped over 15% in intraday trade to hit a low of 16.77.

On May 13, India VIX rose as high as 21.4, its highest since February 25 with no major event in sight.

Last time VIX came closer to 21 was ahead of last Budget. It rose to 39.3 in May 2014 ahead of Modi's landslide election win.

Sensex @ 27,687; up 363 points.

Nifty @ 8,373; up 111 points.

Monday 18 May 2015

Petrol price hiked by Rs 3.13 a litre, diesel Rs 2.71/L

Equity trading tips: Petrol price hiked by Rs 3.13 a litre, diesel Rs 2.71/L

India ready to enter into bilateral pact with Swiss after

Former employee sues Wipro in US on wage issues

India, China sign 24 key agreements

Indian economy to grow at 8.1% in 2015-16: UN report 5

JSW Steel Q4 misses estimates, net tanks 87% at Rs 62 cr

The uptrend is very sluggish. it lacks some strength. Furthermore if you look at the options data — the way put options positions are shaping up — there is no aggressive writing or put options happening. Hence, though the drift is on the upside with the slow movement, we should be good to keep a tighter stop loss in this kind of a scenario.

Therefore, 8,220 on Nifty would be the level, which I would watch out for. In case, Nifty gets past 8,340-8,325 then you might see momentum coming.

But for the time being, it is not a very convincing. We are having long bias on stock-specific calls, but in the next one-two days, it will be wise to exit longs on Nifty in case the index starts breaking below 8,200-8,220. Look at more of shorting opportunities. For the time being to me, it still appears the market which might trade in a range between 8,100 and 8,350.

Friday 15 May 2015

Equity trading tips: Nifty ends above 8200 amid pressure

Equity trading tips: Nifty ends above 8200 amid pressure; Hindalco, SBI gain 3%

Man Industries soars 15% on export orders worth Rs 510 cr

Tepid debut: UFO Moviez lists at Rs 600 on bourses

OBC Q4 net loss at Rs 178 cr, asset quality stable

Lupin falls 6%, analysts revise target post weak Q4 results

Bond-yield rise driven by lack of liquidity: ANZ Research

Trades in the stock markets were extremely volatile on Thursday, with the Sensex opening with gains of over 250 points, before slipping in the red. At one point, the Sensex plunged 300 points, but staged a recovery in the late session, as the wholesale price index for April came in at (-2.65 per cent) - a sixth straight month of decline - strengthening hopes of an interest rate cut by the RBI.

The WPI data came on the back of weak IIP and CPI inflation data.

The volatility in benchmark indices mirrored weakness in the European peers as investors remain edgy regarding the tightness in liquidity as bond prices are falling and, consequently, yields are rising.

The cloud over local equities linger on worries over disappointing quarterly results, controversial MAT levy and delay in passage of key bills like GST and land acquisition, besides, of course, the subdued monsoon forecast.

Sensex @ 27,206.06, down 45 points;

Nifty @ 8,224.2, down 11 points.

Thursday 14 May 2015

Sensex, Nifty end 1.3% higher; bank sparks, auto & infra up

Equity trading tips: Sensex, Nifty end 1.3% higher; bank sparks, auto & infra up

HSBC downgrades Indian equities to underweight

Lupin Q4 net slips 1% at Rs 547 cr, revenue flat

Hindalco slips 3% on arm Novelis weak Q4 nos; analysts wary

CCEA gives go ahead for 5% divestment in NTPC, 10% in IOC

Monsoon failure a risk, GDP to average 7.5%: Moody's

The market swayed in indecision on Wednesday, slipping in and out of the green during large parts of the trading session, before the benchmark Sensex made up its mind to sweep past the 27000 levels, with closing gains of over 373 points.

The markets, smarting from the recent persistent batterings, rose more than 1 per cent on Wednesday in a volatile session, led by gains in financial stocks after soft inflation and industrial output data fuelled hopes of an interest rate cut by the RBI.

The BSE Sensex had surged over 400 points in early trade, but gave up entire gains and slipped in the red after global investment bank HSBC downgraded Indian equities to "underweight" from overweight earlier on earnings growth concerns.

Markets @ close

Sensex 27,251.10, up 373.62 points

Nifty 8,235.45, up 108.50 points

Tuesday 12 May 2015

Equity trading tips: Sensex soars 402 pts, Nifty closes at 8325

Equity trading tips: Sensex soars 402 pts, Nifty closes at 8325

Cipla rises 2%, Credit Suisse upgrades it on firm Nexium sales

Relaxo Footwears soars 14% on robust Q4, bonus & dividend

BoB Q4 net profit falls 48.3%, gross NPA improve to 3.7%

Lower Q4 margin on higher raw cotton prices: Vardhman

Global banks try to muscle into India's start-up boom

Equity benchmarks surged for the second straight session Monday, even as players are divided on whether the rally can sustain. The 30-share Sensex closed at 27507.30, up 401.91 points or 1.48 percent over its previous close. The Nifty closed at 8325.25, up 133.75 points or 1.63 percent.

In the last two sessions, the Sensex has risen around 908 points and the Nifty around 268 points. There was good demand for mid cap shares too, with S&P BSE Midcap Index gaining over 2 percent.

Brokers attributed much of the rise in the last of couple of sessions to short covering of positions, and said there was not much of fresh buying by institutional investors.

Bank of Baroda was among the prominent gainers of the day, with the stock rising 17 percent. The company’s fourth quarter earnings fell short of market expectations, but improvement in asset quality was better than what analysts had estimated.

HDFC, State Bank of India, Infosys, ICICI Bank, Tata Motors and Sun Pharma were among the major contributors to the rally.

Monday 11 May 2015

Sensex ends up 505 pts, Nifty ends at 8191; autos surge

Equity trading tips: Sensex ends up 505 pts, Nifty ends at 8191; autos surge

HUL Q4 profit jumps 16.7% to Rs 1,018 cr, volume growth 6%

PNB Q4 disappoints, profit tanks 62%, asset quality weak

PNC Infratech IPO opens, raises Rs 146cr via anchor portion

Hero Moto slips 4% on 2nd straight disappointing quarter

Tata Motors rises 5% on rights issue, JLR UK sales in April

After a stellar rally, the Sensex ended up 506.28 points or 1.9 percent at 27105.39. The Nifty was up 134.20 points or 1.7 percent at 8191.50. About 1865 shares have advanced, 835 shares declined, and 169 shares are unchanged.

Tata Motors, Cipla, ICICI Bank, Hindalco and HUL were top gainers in the Sensex. Among the losers were Hero MotoCorp, ONGC, TCS, NTPC and Vedanta.

Hindustan Unilever (HUL) matched street estimates with the fourth quarter profit rising 16.7 percent year-on-year to Rs 1,018 crore compared to Rs 872 crore in the year-ago period.

Rupee recovered by 22 paise to 64.01 against the greenback today led by an increase in dollar selling by exporters and banks. The Indian currency slipped below the 64-mark to end at a 20-month low of 64.23, depreciating 69 paise against the dollar Thursday due to foreign investors pulling out money from India amid concerns over MAT and delay in the passage of key reform bills.

Friday 8 May 2015

Sensex falls 118pts, Nifty ends at 8057

Equity trading tips: Sensex falls 118pts, Nifty ends at 8057

Hero Motocorp Q4 profit seen up 18.3%, OPM may fall 146 bps

Titan Q4 profit seen up 9.7% to Rs 226 cr: CNBC-TV18 poll

Cement demand may grow by 7% during FY16: ICRA

Eye over 8% margins in FY16, says KEC International MD

Oil prices fall after hitting 2015 highs

After falling over 700 points in the previous session, the S&P BSE Sensex extended its fall and closed 118 points lower on Thursday. Notably, the index has lost over 11% or 3,300 points from its life-time high of 30,024.74 in early March this year.

The 30-stock Sensex ended the day at 26,599.11, down 118.26 points. The broader 50-share Nifty closed the session at 8,057.30, down 39.70 points.

Well, experts across Dalal Street are of the view that the benchmark indices can correct anywhere between 4 and 5 per cent before finding a bottom, and this weakness should be used by traders to go short on the market.

Well, at a time when the Indian markets are falling as if there is no tomorrow, investors should not get scared, but should look at accumulating quality stocks at every decline, advise experts.

One of the most important factors troubling the markets is the muted earnings growth showed by India Inc for the quarter ended March 31. But analysts expect earnings growth to bounce back from 2016.

Thursday 7 May 2015

Market ends at lowest level in 2015

Equity trading tips: Market ends at lowest level in 2015, Sensex plunges 723 pts

Oil prices near 2015 highs on weaker dollar, Libya supply

Torrent Pharma to acquire Zyg Pharma for an undisclosed sum

Hindustan Zinc, Cairn sign Rs 20,500-cr MoU with Rajasthan

State Bank of Travancore Q4 profit jumps 4-fold to Rs 192cr

Bharti Airtel up 5%, MSCI ups weightage in India Index


Benchmark indices plunged over 2 per cent each in trade on Wednesday to hit their lowest level in four months, on strong selling on algorithmic trading platforms, rising crude oil prices, and muted corporate earnings growth, among others.

Continued offloading by foreign investors amid retrospective tax worries also weighed on the sentiment. Dealers said the sell-off was initially sparked by a slump in NSE index futures listed on the Singapore exchange, which are now trading at a discount to domestic NSE index futures, Reuters reported.

The S&P BSE Sensex finally closed 2.6 per cent lower at 26,717.37. It hit a low of 26,677.64 and a high of 27,501.15 in trade today.

The 50-share Nifty index ended 2.74 per cent lower or 227.80 points at 8,097.00. It hit a low of 8083.00 and a high of 8331.95 in trade today.

Try not to panic, advise experts, adding that invest in a scattered manner as come 2016, earnings growth of India Inc will start improving.

Wednesday 6 May 2015

Equity trading tips: Sensex ends 50 points down; HDFC, Infy lead fall

Equity trading tips: Sensex ends 50 points down; HDFC, Infy lead fall

Kotak Mahindra Bank Q4 beats forecast, profit up 29%; bonus issue 1:1

SKS Microfin jumps 7% as net, NII grow significantly in Q4

DLF up 2%, to improve debt quality by raising money in Q1

MF inflows in equities hit 7-year high of Rs 7,600-cr in April

After a strong pull back session on Monday, selling pressure continued unabated on Dalal Street on Tuesday, with the Nifty slipping below its crucial psychological level of 8300 in trade today.

However, markets recouped some of the intraday losses and the S&P BSE Sensex finally closed 50 points lower at 27440.14 while the 50-share Nifty index ended 11.25 points down at 8,320.70.

Even though the benchmark indices managed to claw back its key resistance levels in the previous session, analysts think that the worst is not over yet and the Nifty could further drift towards the level of 8200 in the next 2-3 weeks.

As per experts, the best case situation would be consolidation in the market plus/minus 100 points on the Nifty at current levels. Dutt says that there is a 30% to 40% probability that we may go below the 8200 levels as we test the round figure of 8000 levels over the next two to three weeks.

Tuesday 5 May 2015

ONGC, OIL rise 4-5% as govt to bear entire fuel subsidy

Equity trading tips: Sensex extends rally, Nifty reclaims 8300; HDFC, RIL up 3%

GMR Infra's parent pledges 14.41 pc stake with IL&FS Trust cos

ONGC, OIL rise 4-5% as govt to bear entire fuel subsidy

Bajaj April sales surge 34% MoM to 3.36L; mkt share at 19%

Income Tax dept collects Rs 6.96 lakh cr revenue in 2014-15

Shriram Trans sinks 16%, Morgan Stanley downgrades post Q4

The market was on fire fueled strongly by oil, FMCG and pharma stocks. The Sensex ended up 479.28 points or 1.8 percent at 27490.59 and the Nifty scaled the 8300-level. The 50-share index closed up 150.45 points or 1.8 percent at 8331.95. About 1954 shares advanced, 838 shares declined, and 153 shares were unchanged.

ONGC was up 8 percent while Bajaj Auot, Cipla, M&M and BHEL were major gainers in the Sensex. Among the laggards were ICICI Bank, Axis Bank and Tata Motors with marginal losses

Shares of Shriram Transport slumped 16 percent intraday after it announced disappointing March quarter results. Its net profit declined 73 percent to Rs 84.23 crore in Q4 of FY15. During the period, its net interest income stood at Rs 1,105.57 crore against Rs 975.95 crore year-on-year.

The tax department has issued demand notices to the tune of Rs 6,500-7,000 crore (around $1 billion) to foreign portfolio investors (FPIs), claiming payment of minimum alternate tax (MAT) on capital gains related to transactions on Indian stock

Monday 4 May 2015

Sensex closes 215 points down, Nifty above 8200

Equity trading tipsSensex closes 215 points down, Nifty above 8200

Marico Q4 profit jumps 24% to Rs 110 cr, volume growth 3%

Biocon Q4 net jumps 78% to Rs 201 cr on Syngene shares sale

US data, Fed caution keep pressure on world stocks, dollar

New listing on bourses: VRL Logistics debuts at 40% premium

Axis Bank rises 5%, brokerages say 'buy' post Q4 nos

Equity benchmarks continued their slide on Thursday, with the Nifty breaching the psychological 8200-mark and the Sensex slipping below 27,000.

The Sensex shed 214.62 points to close at 27011.31 after touching a low of 26897.54 intra-day. The Nifty fell 58.25 points to close at 8181.50, after hitting a low of 8,144.75 intra-day. For the truncated week, the Sensex was down 426.63 points or 1.55 percent and the Nifty by 123.75 points or 1.5 percent.

The market will be closed for trading on Friday because of Labour Day. The Sensex and Nifty have now fallen a little over 10 percent from their record high seen in early March. But opinion is divided on whether this is a good time to start buying shares.

MCG, IT, auto and metal shares were the prominent losers today. Banking shares rallied after a sedate start and were the best performers of the day.