Markets end flat; broader indices gain 30-37 per cent in 8 days

25 May 2009

It was a rangebound session for the benchmark indices. But the broader indices staged stunning performance; they continued their uptrend for the eighth consecutive session, which kept the market breadth at 7:1 on the NSE.

The 50-share NSE Nifty shed 0.95 points or 0.02%, to close at 4,237.55, after seeing a swing of 64.95 points between an intraday high of 4,270.05 and low of 4,205.10. However, the 30-share BSE Sensex swung 208.81 points between day's high/low of 14,028.06 and 13,819.25, before closing the day at 13,913.22, up 0.19% or 26.07 points.

The broader indices continued to outperform the benchmark indices. The BSE Midcap Index gained 2.83% or 134.47 points, to close at 4,890.15 and the Smallcap Index rose 5.01% or 276.27 points, to settle at 5,789.43. Both the indices shot up 30.70% and 37.18% in eight sessions, respectively.

The market breadth was very strong; about 2533 shares advanced while 344 shares declined on the BSE. Nearly 249 shares remained unchanged.

Bharti and Ranbaxy Labs along with the realty stocks were in focus today. Bharti Airtel lost 5.73%, post the announcement of likely deal between the company and South Africa's MTN; wherein Bharti may buy 49% stake in MTN and in turn MTN and its shareholders may acquire 36% economic interest in Bharti. The stock jumped over 5% in the initial trade today.

However, Ranbaxy Labs shot up 20.73%, as Atul Sobti, the current Chief Operating Officer will take over as the Chief Executive Officer of the company for a three-year term. Meanwhile, Malvinder Singh, the company's Managing Director and Chief Executive Officer has stepped down and will now be the new Chairman of the board.