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Markets end flat

Markets end flat
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First Published: Tue, Feb 12 2008. 04 17 PM IST
Updated: Tue, Feb 12 2008. 04 17 PM IST
Mumbai: The stock markets ended flat on Tuesday with the benchmark Sensex on the Bombay Stock Exchange ending nearly 23 points lower.
The 30-share Sensex, which had tumbled over 825.4 points in the previous day’s trading, on Tuesday fell further by 22.90 points at 16,608.01.
The index touched the day’s low of 16,565.48 and a high of 16,6966.72 points during the day.
In a similar fashion, the National Stock Exchange index Nifty lost 18.75 points at 4,838.25, after dipping to the day’s low of 4,820.45 and a high of 4,949.68 points.
Barring refinery and bank, all sectoral indices ended in the red on selling pressure. Banking index gained 122.48 points at 9,867.36 and oil and gas index by 40.52 points at 9,926.32.
Among the major losers, consumer durable index plunged by 163.30 points at 4343.28, followed by capital goods index by 160.86 points at 14,873.21. Realty index dropped by 125.49 points at 9,042.84 and PSU index by 115.62 points at 7659.36.
In a volatile trade, the Bombay Stock Exchange benchmark Sensex on Tuesday gave up part of initial gains and was quoted 111 points up at 16,742.02 at 1030 hours, amid firm global cues and negative FII activity.
Asian markets rallied smartly in morning trade following a bounce on Wall Street on Monday that failed to dispel fears about a US recession.
Touching a high of 16,966.72, the BSE barometer moved erratically in a 375-point range and was quoted at 16,742.02 at 10.30 a.m., a gain of 111.11 points from previous close of 16,630.91.
The broader S&P CNX Nifty of the National Stock Exchange also recovered by 21.15 points to 4,878.15 at 10.30 a.m. from last close of 4,857.
The key market driver, Foreign Institutional Investors (FIIs) were net sellers to the tune of Rs1,268.67 crore in equity on 11 February, as per provisional data.
FII numbers were the main cause of concern for investors, with bears taking a top position in the market, brokers said.
Analysts saw an uncertain outlook for the near-term in the light of continued worries about a likely recession in the US, which will lead to a global slowdown.
After an initial rally of 336 points, the Sensex reacted negatively on fresh selling from nervous investors.
The Bombay Stock Exchange benchmark Sensex recovered nearly 336 points in early trade on Tuesday on revival of buying at the existing lower levels.
The 30-share index bounced back by 335.81 points at 16,966.72 in the first five minutes of trading. It had tumbled nearly 834 points to close at 16,630.91 on Monday.
Similarly, the wide-based National Stock Exchange’s Nifty shot up by 92.60 points at 4,949.60 points.
A rising trend in global stock markets boosted the trading sentiment to some extend, marketmen said.
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First Published: Tue, Feb 12 2008. 04 17 PM IST
More Topics: Sensex | Nifty | BSE | NSE | Shares |