Mkts close green; Nifty ends above 8,400

Mumbai: Markets have closed marginally higher on Thursday amid volatility led by buying at the counters like pharma and IT, while selling pressure prevailed in select shares from sectors like metal, auto and banking.

Investors presented cautious approach ahead of winter session, expected to be reform oriented, and RBI monetary policy review scheduled on December 2.

While Sensex closed higher by 35 points at 28,068 and Nifty gained 20 points at 8,402. The broader markets lay low with indices mid and small cap closed in negative.

FIIs are still maintaining net buyers with an amount of Rs 71.80 crore on Wednesday as per the stock exchange data.

Traders say that the markets influenced by the SEBI's market reform thrust in terms of insider-trading and delisting regulations. Also coal ministry issued draft guidelines for reallocation of coal mines. Cipla was the top gainer from pharma set with over 3 per cent gains. The company has announced to market pediatric vaccines produced by Serum Institute. On Banking set, SBI gained about 2 per cent as the stock turned ex-stock split on Thursday. Its equity share face value got split to Re 1 from Rs 10.

On the losing counters, the stocks like BHEL, Airtel, NTPC and Tata Steel down between 1-2.5 per cent.

Generally better
Nifty traded in the negative zone for most part of the day and rose sharply turned green towards close. While short term trend continues to remain positive and stop loss may be raised to 8350. Nifty spot is expected to encounter resistance at 8440, 8475 and find support at 8360, 8325 for Friday. Global cues and flow of funds are broadly guides the market. Basing on the present market position, there may be generally normal volatile movements and could close better for the week. – Dr B Amaranatha Sastry