The market was range bound in afternoon trade. Auto, banking and power stocks were in demand. Bharat Heavy Electricals edged higher. Market breadth was positive. 17 out of 30 stocks from the Sensex pack were in green. Asian stocks started the day stronger, tracking gains in US markets, but worries about the credit market soon returned, pushing most of the markets in the red.
The market has been volatile over the past few days due to alternate bouts of buying and selling amid FII sales caused by redemption pressure in their home countries and fears of a US recession arising from housing slump and credit crisis.
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