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Markets end flat, show signs of consolidation

Markets end flat, show signs of consolidation
PTI
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First Published: Wed, Jul 18 2007. 05 12 PM IST
Updated: Wed, Jul 18 2007. 05 12 PM IST
Mumbai: The stock markets showed signs of consolidation with the benchmark Sensex and Nifty ending flat in choppy trade on 18 July amid weakness in global markets and a sharp increase in long positions.
Shares of Real Estate major DLF Ltd, however, attracted brisk activity and scored a 5.7% rise over last close on news that it has secured a Rs6,000 crore contract from Delhi Development Authority (DDA) for constructing an international convention centre in Dwarka.
DLF is expected to post a net profit of Rs1,400 crore in the first quarter. The company is scheduled to announce financial results on 19 July.
Overall, the realty sector was in keen demand on strong expectations that the Reserve Bank of India (RBI) may not change interest rates in the near future.
Sensex moved erratically in a range of 15,325.78 and 15,160.27 before ending the day at 15,301.17, a net gain of 11.35 points or 0.07% over yesterday’s close of 15,28.82.
Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange (NSE) closed up by 2.80 points or 0.06% at 4,499.55 from previous close of 4,496.75.
The market was in negative territory in the most part of the day but pulled up in the concluding 30 minutes on heavy buying support by investors.
The market is considered to be in overbought zone with high outstanding positions. FIIs have pumped in more than 12,550 crore in the equity so far in July.
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First Published: Wed, Jul 18 2007. 05 12 PM IST
More Topics: Money Matters | Equities |