Persistent Systems recently celebrated 20 years of operations in Pune, Maharashtra
By S Jha
New Delhi, October 31: Dow Jones had given a close of over 500 points while the index future was positive with a gain of over 133 points. The Asian indices were largely flat. Yet, the Indian bourses tanked in a last half an hour of selling to go down on sliding curve.
Nifty and the Bank Nifty opened strongly on Tuesday morning. But within minutes the sell on the rise theme kicked in the action and the indices went diving deep in the red. Nifty made a range of 80 points to negative and positive to trade during the day with action staying sideways, while closing with a loss of 60 points.
Bank Nifty which was most resilient in the yesterday session lived up to its reputation of being the most volatile of the indices, as it too closed with a cut of 200 points. But Bank Nifty dived by almost 500 points from the day’s high.
Clearly the indices are in the sideways mode with investors not showing confidence to extend their bets as the option contract expiry of the week approached. Also, the indices are not getting help from the heavyweights unlike the rebound that was guided by the index leaders.
Reliance Industries once more cooled off, showing signs of lack of momentum. The IT stocks remain sideways. The banking heavyweights are also trading in a narrow range. The metal sector was lackluster. In the absence of the leadership the indices remained in the sideways trading range during the day.
Yet, the midcaps closed in the green as several of the scrips are buzzing, principally gaining from the quarterly results. DCX Systems, a defence sector, firm gained over seven per cent after posting a better quarterly result yesterday after the market hour. NIIT Limited also gained on the basis of the quarterly result. Persistent Systems, result not yet declared, is in its own zone, extending gains day after day as the scrip is now trading above Rs 6000. The stock has doubled in almost two years.
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