New Delhi: Markets ended flat for the second consecutive day after witnessing some volatility on Thursday and swinging between positive and negative territory. The Bombay Stock Exchange benchmark Sensex ended 0.3% up after European markets opened positive.
Markets lost grounds from the day’s high in the afternoon session even after better than expected inflation number was declared for week ended 7 February at 3.92% compare to previous weeks 4.39%.
Sentiments also buoyed as acting finance minister Pranab Mukherjee assured that government will do more to boost the slumping economy. UPA has sought the parliament’s approval to spend an extra Rs10,765 crore during the current fiscal to fulfill Sixth Pay Commission recommendations.
Investors are also expecting commerce minister Kamal Nath to introduce stimulus measures for exporters. Reserve Bank governor D Subharao also talked of more possible rate cuts but in feasible time.
The IT, technology, consumer durables, auto and power stocks traded in green while capital goods, realty, banking and metal were under selling pressure.
The 30-share BSE index ended 27.45 points up at 9,042.63 and the 50-share NSE Nifty closed at 2,789.35 or 13.20 up.
IT outsourcers were leading the rally on the BSE index with Wipro Ltd rising by 5.41% to Rs220.35, Infosys Technologies by 2.50% to Rs1,208.20, along with Grasim Industries by 2.43% to Rs1,373.75 and Maruti Suzuki by 2.37% to Rs631.90.
After bouncing back from three day’s fall, banking stocks dived again with ICICI Bank losing 2.13% to Rs361.50 and State Bank of India by 1.05% to Rs1,059.55. There were other prominent losers like Hindalco by 3.49% to Rs40.10, ACC Ltd by 2.43% to Rs549.20, Larsen and Toubro by 2.05% to Rs640.65.Heavyweight Reliance Industries also fell by 0.08 to Rs1,293.65.
Meanwhile, in Asian markets Japan’s Nikkei rose 0.3% on exporters’ gains and Hong Kong’s Hang Seng closed slightly higher at 0.06% up.