“This market is defying logic,’’ was the refrain of a dealer from an Indian brokerage on seeing the benchmark indices bounce back marginally into the green just before the close of trading hours. “It remains to be seen whether Greece stays in the EU and which country is the next casualty.’’
The Nifty closed at 5,279.90, up 21.45 points, while the Sensex closed at 17,525.91, up 61 points. Volatility was down one per cent and the India VIX closed at 24.66.
DLF, BHEL, ACC, BHEL and Tata Power were the top five gainers on the Nifty while SAIL, IDFC, HUL, Tata Motors and Sterlite were the top five losers on the Nifty.
The dramatic swing in the market mood in the course of the day helped many Nifty stocks to either pare their loss or increase their gains today.
The extent of the swing could be gauged from the fact that while at 11.41:50 hours the advance-decline ratio was at 15:35, at the close of trading the ratio was virtually in the reverse with 34 shares advancing to 16 that declined!
Some of the major gainers were ACC that was up by Rs 33.35 to close at Rs 1,219, Reliance up by Rs 17.55 to end at Rs 889.35, SBI up by Rs 30.60 to close at Rs 1,940, Grasim which gained Rs 34.20 to end at Rs 2,510, BHEL which closed at Rs 331, a gain of Rs 15.25 and Bajaj Auto that closed at Rs 1,734.90, a gain of Rs 16.30.
The losers included TCS which was down by Rs 3.35 at Rs 1,103.50, Hero Motocorp which ended at Rs 2,082, a loss of Rs 7.35, Infosys which closed at Rs 2,815, a loss of Rs 19.40, and Axis Bank which closed at Rs 1,114.20, a loss of Rs 11.75.
A comparison of the morning rates with the closing rates of some of the losers could show how much ground they were able to cover.
Hero Motocorp, which had lost Rs 33.40 to trade around Rs 2,055.95 at 11.41 am, pruned its loss to just Rs 7.35 to close at Rs 2,082.
Infosys, which had lost Rs 45.60 in the morning, cut its loss to just Rs 19.40 at the close. Axis Bank, which was down by Rs 21.75 in the morning to trade at 1,104.20, recovered to close at Rs 1,114.20, a loss of just Rs 11.75.
For the gainers also the closing was strong. BHEL widened its gain from Rs 7.30 in the morning (when trading at Rs 323.05) to Rs 15.25 as the share closed at Rs 331.
DLF, which was trading at Rs 236.65 in the morning, ended the day at Rs 247.60. ACC, which was up by a mere Rs 1.95 to trade at Rs 1,187.60 in the morning, ended with a massive gain of Rs 33.35 at the end of trading to close at Rs 1,219!