Sensex closes down 18 points

A dip in ICICI Bank,SBI,ONGC,Tata Power and HUL was offset by a rise in RIL,HDFC,Lamp;T and Tata motor.

Brokers said investors,concerned that the high interest rates regime will crimp corporate earnings,were picking up stocks in the midcap and small cap sectors.

The Bombay Stock Exchange 30-stock index,Sensex,resumed weak and moved erratically in the 141 point range of 18,823.45 and 18,682.60 before concluding at 18,726.97,down 17.59 points or 0.09 per cent.

The broad-based NSE 50-issue Nifty eased by 6.65 points or 0.12 per cent to 5,625.45.

Meanwhile,FIIs continued to buy,picking up shares worth Rs 825.52 crore yesterday as per the provisional data.

8220;Investors are sticking to a 8216;wait-and-watch approach in the run up to the latest corporate results. The only positive factor is the turnaround in FII flows. At the same time,local funds have been net sellers,8221; said Amar Ambani,Head of Research,IIFL.