Markets rebound from negative, but end flat

Markets rebound from negative, but end flat

Mumbai: Erasing initial losses, the Bombay Stock Exchange benchmark Sensex on Tuesday gained nearly 60 points on an upsurge in IT, consumer durables and refinery sectors.

After gains of three consecutive days, the BSE barometer had lost nearly 195 points in early trade. However, by mid-session buying interest revived in stocks across all counters, barring PSU and banking. The 30-share index finally ended with a gain of 59.72 points at 15,688.47, thus extending the gains for the fourth day in a row.

The National Stock Exchange index, Nifty, rose by 16.55 points at 4,659.35.

Brokers said markets fell in early trade due to investors covering pending positions ahead of August contract expiry in derivatives.

Marketmen said the uptrend was supported by heavyweight stocks of Tata Motors, Wipro, RIL, NTPC and Grasim. In the 30-BSE Sensex stocks, 15 closed higher.

Tata Motors surged gained the most among Sensex stocks at 7.10%. Wipro led the gains for IT scrips after US dollar strengthened against the rupee. About 60% revenue of the technologies firms comes from the US markets.