After three days of losses,the BSE Sensex closed flat today in highly volatile trade,up barely 11 points at 15,867.73 on late value-buying in blue-chips such as Reliance Industries and HDFC amid firm cues from European markets.
The BSE 30-share barometer opened weak and touched a low of 15,664.91,down over 192 points on weak Asian cues and worries over the euro-zone debt crisis.
Besides,investors remained cautious ahead of the third quarter corporate results season starting next week.
However,firm openings in Europe and comments from Finance Minister Pranab Mukherjee that low inflation and likely reversal of tight monetary policy would boost economic growth prospects pushed up the Sensex to 16,001.31,a gain of over 144 points.
However,caution returned to the market and pulled the index down to close at 15,867.73,10.65 points or 0.07 per cent up,with the index heavyweight Reliance Industries Ltd gaining 2.52 per cent.
RIL regained its position as the country’s most valued company from Tata group firm TCS,as a game of musical chairs continued for this spot between the two.
Overall,brokers said investors were expecting weak Q3 earnings from some key companies due to slowdown in economic growth due to higher interest rates and input costs.
While HDFC gained 2.25 per cent and ICICI – 0.55 pc,SBI fell 0.92 per cent,Jayprakash Associates by 4.58 per cent and Hero MotoCorp by 5.12 per cent.
The NSE 50-scrip Nifty gained 4.15 points,or 0.09 per cent to 4,754.10,after moving between 4,794.90 and 4,686.85.
The 50-share NSE Nifty index was 0.36 percent down at 4,732.65.
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Government’s statement that it may notify 100 per cent FDI in single-brand retail also had positive impact on the market sentiment.
Globally,key indices in China and Singapore ended with minor gains while markets in Hong Kong,Japan,South Korea and Tawain closed with losses.
However,in Europe,CAC (France),DAX (Germany) and FTSE (the UK) were up between 0.19 per cent and 0.60 per cent. Back home,FIIs pumped in Rs 549.30 crore yesterday as per Sebi data.
Of the 30 Sensex scrips,16 stocks ended in the red,while 14 stocks made gains. Gainers included Hindalco (2.02 pc),Maruti Suzuki (1.76 pc),ITC (1.23 pc) and M&M (0.98 pc).
However,Hero Motocorp dropped by 5.12 pct,Jaiprakash (4.58 pc),Bharti Airtel (4.11 pc),Jindal Steel (3 pc),DLF (2.65 pc),ONGC (2.48 pc),Wipro (2.14 pc),BHEL (1.88 pc),Tata Power (1.82 pc).
The total market breadth on BSE remained positive as 1,435 stocks finished with gains,while 1,297 ended with losses. The market turnover moved up marginally to Rs 1,968.27 crore from Rs 1,948.54 crore previously.