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Focus shifts to mid cap stocks
The Sensex closed 87 points down on Friday, but mid cap small cap shares registered gains for the second consecutive day. In volatile trade, it dropped to a low of 19472.51 but showed resilience and recovered to 19838.03 before ending at 19698.36 a net fall of 86.53 points against thursday close of 19784.89
The S&P CNX Nifty of the National Stock Exchange also closed 5.25 points lower at 5906.85 against 5912.10. Stocks of companies in capital goods and banking sectors suffered major falls in the market. BHEL fell by Rs. 36.60 to Rs 2,786.55, ICICI Bank by Rs29.15 to Rs 1,219.45 and HDFC BAnk by Rs 12.05 to Rs. 1687.15.
Investors shifted attention to mid cap ans small cap shares which provide better investments opportunities market players said. It is a good sign that investors are now making purchases in these segments as prices of front line stocks looked over exteneded they said.
Asian and European indicer remained weak in line with a fresh slide in the U.S stocks on Thursday due to more financial and economic uncertainty.
MARGINAL DROP IN RUPEE
The rupee ended marginally lower at 39.32 a dollar on Friday against the close of 39.31 on Thursday,
It touched a low of 39.40 a dollar during early trade due to wealness in global equity markets on fears of more financial and economic uncertainty. In active trade at the interbank foreign exchange market the indian unit moved i a range of 39.31 and 39.40 after resuming weak at 39.3350 a dollar