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Drama on The Street

Even with just three trading days this week, we saw a volatile market. Traditionally, May has not been too good to the bulls. But the first day of trading started with a bang

On Monday, the markets opened on an extremely weak note and were trading in the red to recover in the afternoon. The Sensex closed lower at 13,872.37 but the Nifty higher at 4,087.9. The top Sensex losers were ICICI Bank, HLL and Cipla as their numbers did not please the market. Reliance Communication, Hero Honda and Tata Steel were among the gainers. The BSE Midcap Index ended higher at 5,795.72 and the BSE Smallcap Index ended lower at 6,993.84.

FIIs and mutual funds were net sellers to the tune of Rs 194.8 crore and Rs 48.7 crore, respectively. The turnover on the BSE was Rs 3,282.23 crore and Rs 7,571.27 on the NSE.

The stock markets were closed on Tuesday and Wednesday.

May has traditionally been a bad month for the bulls. But the first trading day of May started with a bang. On Thursday, the Sensex closed at 14,078.21 and the Nifty at 4,150.85. Auto stocks were the major gainers and fresh buying was seen in sugar stocks. All BSE sectoral indices closed higher. The mid- and small-cap indices also moved higher. Top gainers included Bajaj Auto, RIL, Gujarat Ambuja, Hero Honda, Ranbaxy, BHEL, L&T and Bharti Airtel. HLL, HDFC Bank and Tata Motors were the top losers.

FIIs continued to be net sellers to the tune of Rs 304.6 crore. The turnover on the BSE rose to Rs 4, 432.11 crore and on the NSE it touched Rs 9,326.83 crore.

On Friday, the markets ended in the red. The Sensex closed at 13,934.27 and the Nifty at 4,117.35. Oil and gas, IT, capital goods and banking stocks were among the losers. BSE sectoral indices - healthcare, auto and FMCG --- ended flat. The BSE Midcap index closed flat while the smallcap index closed with a marginal loss. Cipla, Hindalco and ACC were the top Sensex gainers while HDFC, RIL and L&T were the top losers.

FIIs were net buyers to the tune of Rs 56.2 crore but mutual funds were net sellers to the tune of Rs 2.3 crore. The turnover on the BSE dropped to Rs 4,268.39 crore and on the NSE it rose to Rs 9,399.66 crore.

The top gainers this week were ACC (4.52 per cent), Bajaj Auto (4.50 per cent) and Hero Honda (4.43 per cent). The top losers were ICICI Bank (- 8.39 per cent) and HLL (-6.9 per cent).

The results season is drawing close and the monetary policy is out of the way. The triggers will now be FII inflows, fluctuations in the currency markets, crude oil prices, and the state of the US, Chinese and Japanese economies.