After opening the day on subdued note on Monday (Sep 01) following the overseas markets, after oil inched higher on worries of Hurricane ‘Gustav’, Indian equities maintained themselves to end the day on a flat note on account of smart recovery made by Sensex during the last trade supported by banking, FMCG and oil & gas stocks, while metal and consumer durable stocks went down.

Asian stocks performed negatively, led by auto manufacturers and technology companies on fear earnings will go down because of global slowdown.

Finally, the Sensex closed the day after losing 66.02 points at 14,498.51. It also touched an intra-day high of 14,547.41 and an intra-day low of 14,281.10.

In contrast, the broad-based NSE Nifty lost 11.35 points at 4,348.65 after hitting an intra-day high of 4,365.00 and an intra-day low of 4,281.35.

The overall breadth of the stock market was positive. Out of the total 2,680 stocks traded at BSE, 1,329 progressed, 1,255 turned down while 96 remained unchanged.

The major movers in the 30-share index included ITC (1.62%), HDFC Bank (1.48%), Bharat Heavy Electricals (0.90%), State Bank Of India (0.88%), Satyam Computer Services (0.85%), and Oil & Natural Gas Corporation (0.64%).

The major losers’ of the day were Ranbaxy Laboratories (3.61%), Tata Steel (2.67%), Maruti Suzuki India (2.56%), Bharti Airtel (2.50%), Reliance Communications (1.71%), and Infosys Technologies (1.44%).

Stock market analyst Vishwas Agarwal stated that BSE beyond 14,350 level will seek the next support at 14,555 and 14,786 levels.

It’s a trading market in which banking stocks and both Mukesh and Anil led Reliance stock will provide profitable trading chances in the coming days. Crude prices below $112 mark will also perk up the market reactions.

He also said that if the nuclear agreement gets nod at the NSG meet to be held on September 4 & 5, it will act as a boost towards the market.

“Next 5 to 10 trading sessions is expected to be most active and trend decider for the market. New RBI governor will take some steps to control economic progress as well as control inflation. Overall coming days are eventful with a stop loss trading advisable for making fast money,” Mr. Agarwal added.