Latest Market Update

The Asian markets closed mixed while Europe was trading weak. Poor global cues saw the Indian market close flat (masking choppiness) with selling pressure from select midcap stocks. Sensex shut shop at 9071, down 38 points and Nifty at 2744, down 28 points from the previous close. CNX Midcap index was down 1.10% and BSE Smallcap index was down 1.51%. BSE IT index was up 5% post good Infosys results and guidance. The market breadth was negative with advances at 363 against declines of 819 on the NSE. Top Nifty gainers included Infosys, Wipro and Ranbaxy while losers included Siemens, Cairn and RCom. BSE Smallcap index was down 1.51%. BSE IT index was up 5% post good Infosys results and guidance. The market breadth was negative with advances at 363 against declines of 819 on the NSE. Top Nifty gainers included Infosys, Wipro and Ranbaxy while losers included Siemens, Cairn and RCom.

3:57 PM - Go short on weak stocks as the market may see a possible rally tomorrow, says Prakash Gaba, technical analyst, on CNBC Awaaz. The rally will be an opportunity to take money where one can, he feels. Sell HUL, Grasim and Reliance Communications on any rally, he feels. HUL, Grasim and Reliance Communications on any rally, he feels."

3:54 PM - There is a lot of smart money sitting on the sidelines in the market, says Nipun Mehta, market analyst, on NDTV Profit. Till there is more clarity on the global economic growth front, the market may not see any active commitment, he feels.

3:50 PM - The market may show a surprise rally tomorrow but it is unlikely to sustain, says Rajat Bose, technical analyst, on CNBC TV18. The rally may be a good chance to short the market, he adds.