Friday fall after poll dance

The markets continued to remain volatile and gained for the first two days of the last week and lost on the remaining three days The intraday volatility averaged almost 300 points on the Sensex daily Intraday volatility is the difference between the high and low on a daily basis The Sensex closed the week with losses of 18767 points or 074 per cent while Nifty lost 6520 points or 083 per cent to close at 774970 points The broader market saw BSE100 BSE200 and BSE500 lose 094 per cent 099 per cent and 103 per cent respectivelyAIADMK BJP the Left Trinamool Congress TMC and Congress won in Tamil Nadu Assam Kerala West Bengal and Puducherry respectively when results were declared on Thursday PicAFPThere was just one sectoral gainer in BSEREALTY up 213 per cent The losers were led by BSECAPGGOODS down 227 per cent followed by BSEPOWER 195 per cent and BSEPSU 175 per cent In individual stocks the top gainer was ONGC up 431 per cent followed by Dr Reddy 422 per cent and Maruti 265 per cent The losers were led by Bank of Baroda down 1252 per cent followed by State Bank 732 per cent PNB 542 per cent Lupin 523 per cent and Cipla 452 per centThe Indian rupee lost 67 paisa or 100 per cent to close at R 6744 Dow Jones was marginally down losing 3438 points or 020 per cent at 1750094 pointsResult dayThursday saw the results of five states being declared and two of the states had new governments with the Congress being ousted from both states While they lost Assam to BJP they lost Kerala to the LeftInterestingly they had made a makeshift alliance with the Left in West Bengal but the alliance suffered losses TMC led by Mamata Banerjee fared even better at the cost of the Left and returned to power with over 23rd majority In Tamil Nadu AIADMK romped home but with a lower majority than last time Here again the Congress was in an alliance with the DMKImmediately after winning West Bengal the Chief Minister to be and party leader of the TMC Banerjee announced her support for the GST Bill It appears the bill would be taken up for discussion and voting if necessary in the Monsoon session of ParliamentThe week ahead sees May series futures expire on Thursday May 26 The current close as of Friday of 774970 points is lower by 9755 points or 124 per cent The markets are under pressure and were weak in closing on Friday They need to recover from these levels failing which there would be technical weakness in the markets and bears would certainly push the market downCigarette and FMCG major ITC declared its results which were impressive The company has also declared a bonus issue in the ratio of 1 bonus share for every two shares held Shares of ITC closed at R 32995 and were up 155 per cent on Friday when results were declared and 334 per cent for the weekShare gamesIn primary market news shares of Parag Milk Foods Limited listed on Thursday and had decent gains The share against an issue price of Rs 215 closed at Rs 24445 a gain of 1370 per cent There are no issues slated to open for subscription in the coming weekMega PSU bank State Bank of India is to declare its results on Friday May 27 The results from this company would be keenly watched to see whether the provisions made in the third quarter was the peak or similar or higher provisions are made this time Depending on the results from SBI the PSU banks could get a push upward or downwards Friday would be a key day for the markets and incidentally it would also be the first trading day of the June seriesChoppy and volatile markets to continue in the week ahead Expiry of futures would be a drag on the markets which are currently looking tired and showing signs of weakness Global cues and crude prices which have risen in the last few weeks could act as a further dampener for the markets Trade cautiouslyDisclaimer No financial information whatsoever published anywhere in this newspaper should be construed as an offer to buy or sell securities or as advice to do so in any way whatsoever All matter published here is for educational and information purposes only and under no circumstances should be used for actual trading or making investment decisions Readers must consult a qualified financial advisor prior to making any actual investment or trading decisions based on information published here Any reader taking decisions based on any information published here does so entirely at his or her risk