Markets end flat in volatile trade

Markets end flat in volatile trade
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First Published: Fri, Oct 05 2007. 05 11 PM IST
Updated: Fri, Oct 05 2007. 05 11 PM IST
Closing
Mumbai: Indian share prices ended flat on 5 October in sharply volatile trade as the benchmark Sensex fell off an intraday record high with investors locking in gains, dealers said.
They said funds chose to book profit ahead of the weekend, awaiting US non-farm payroll data due later on 5 October, which could give a clearer indication whether the US economy could avoid a recession.
The Mumbai stock exchange’s Sensex index fell 3.78 points or 0.02% to 17,773.36, off the day’s high of 19,979.18, a new intraday record.
The S&P/CNX Nifty Index on the National Stock Exchange settled at 5,185.8, down 22.8 points.
Indian shares had risen more than 10% in the past two weeks, led by strong overseas fund flows, now at a record $14.4 billion for the year.
Banking, metal, property and public sector stocks fell.
“The markets were sharply volatile as they edged towards the 18,000 points level. The US markets data will be watched carefully,” said a dealer with brokerage Jamnadas Morarjee.
Afternoon
Mumbai: Sensex added 32.59, or 0.2%, to 17,809.73 as of 1:30 pm local time. The index earlier fell as much as 0.3%.
The S&P/CNX Nifty Index on the National Stock Exchange slid 18.70, or 0.4%, to 5,189.95. Nifty futures for October delivery fell 0.6%, to 5,181.
Reliance Industries Ltd, the nation’s most valuable company gained after overseas funds bought shares of the nation’s largest businesses.
Morning
Mumbai: The stock market again came tantalisingly close to the 18,000-mark in sustained volatility.
The BSE 30-share index opened firm at 17,831.68 and later spurted to a high of 17,913.36 within five minutes of trading, a rise of 136.22 points over yesterday’s close of 17,777.14.
The BSE barometer, however, fell back due to profit-booking by investors and touched a low of 17,765.38 before being quoted at 17,826.36 at 10:30 am.
The broader S&P CNX Nifty of the National Stock Exchange, however, showed a marginal loss at 5,205.85 at 10:30 am from previous close of 5,208.65.
The market is driven by continued FII inflows but domestic institutional investors and operators were selling heavily to book profits at higher level, causing volatility on the bourses, market players said.
Foreign institutional investors (FIIs) have pumped in more than $4.0 billion in equity since 18 September, a day after the US Federal Reserve lowered the key rates.
Stock brokers, however, expect fairly strong resistance during the day as investors are likely to take cautious stance in the light of weekend considerations and fluid political situation.
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First Published: Fri, Oct 05 2007. 05 11 PM IST
More Topics: Markets | Shares | Stocks | Power Grid | Sensex |