Mumbai: The first trading session of the year turned out to be a merely dull day. It closed with moderate gains amid low volume due to lack of global and domestic cues, though it closed with moderate gains amid low volume. The support was led by oil & gas, steel, auto (four-wheeler), technology and banks (top two lenders) while auto (two-wheeler), FMCG and select infrastructure stocks were down.
The Sensex saw a swing of 184 points during the day, before closing up 63 points at 15,517.92. The Nifty touched 4,588.05 in an intra-day trade, before finishing up 12.45 points at 4,636.75.
Experts feel that initial months of the year will not be very good. Ambareesh Baliga of Way2wealth Baliga says, in the first two-three months of 2012, there may not be too many positive triggers.
He advises lay investors to stay out of the market. "Let the markets see the bottom, let it bounce back, consolidate at higher levels. Possibly that would be the time to get in for the lay investors," he adds. But 2012, he says, should be much better than 2011. "I think we have seen a disastrous 2011. So, it really can't get worse than that."
Index heavyweight Reliance Industries led the bounce in the last couple of hours of trade, due to short covering. The stock gained 2 per cent.
Shares of Infosys, ICICI Bank, TCS and Tata Steel were up around 1.5 per cent. SBI, ONGC, HDFC and Bharti Airtel moved up 0.3-0.6 per cent.
There was a mixed trend in auto sector - four wheeler majors Tata Motors and Maruti Suzuki were up 3 per cent and 1.8 per cent, respectively post sales numbers for December.
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