The 30-share index BSE Sensex, on Wednesday (Oct 29), belled the day on a positive note on account of heavy buying action by funds on strong worldwide signals.

But, after staying high up in the positive zone for about half an hour, the stock market reversed trend and plummeted into negative in mid morning trade.

After witnessing a volatile session, Sensex finally closed marginally higher, due to settlement of October F&O series.

Realty, healthcare, FMCG stocks went down, while metal, oil & gas and auto stocks gained ground.

BSE Midcap and Small cap index declined 1.99% and 1% respectively.

The Sensex closed the day at 9,044.51 after making a gain of 36.43 points. It also touched an intra-day high h of 9,297.76 and an intra-day low of 8,894.34.

In contrast, the broad-based NSE Nifty gained 12.45 points at 2,697.05 after touching an intra-day high of 2,781.25 and an intra-day low of 2,631.90.

Most active counters on the 30-share index were Hindalco Industries (18.24%), Mahindra & Mahindra (8.25%), Wipro (7.33%), ACC (6.93%), Sterlite Industries (India) (6.57%), and Reliance Industries (4.47%).

Reliance Communications (10.27%), Ranbaxy Laboratories (9.62%), DLF (6.98%), Satyam Computer Services (5.44%), Hindustan Unilever (4.74%), and Housing Development Finance Corporation (3.03%) were the major losers in the Sensex.

While commenting on the market, stock market analyst, Vishwas Agarwal said that 9,350 is a crucial level on the BSE to hold for any further upmove, below which the stock market would be unstable and aimless.

He said, “In the last two days recovery from the 7,700 level was due to shortcutting, and some value buying but market is still waiting some basic fundamental positive event for gradual and sustainable rally.”

“The stock markets have definitely discounted each and every bad news from time to time, and that is a big positive, but FII selling is hurting the mood of new investors as they are not there to purchase when they themselves feel that current level is without any risk and high rewarding giving market,” Mr. Vishwas added.

He also said that any encouraging development will provide an extraordinary jump in the Indian stock market as here condition is not as awful as that in other countries.

“It is just matter of time keep patience,” he said.

The Bombay Stock Exchange, National Stock Exchange and forex markets will remain close today (Thursday) on account of ‘Bhaubeez.’