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Sensex ends flat after seesaw trade
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The benchmark index seesawed all through the day and closed 20 points lower at 9015, pulled down by banks that slipped on concerns about their profit margins. The Sensex had dropped below the 9,000 mark in early trade.
Index heavyweight Reliance Industries gained 2.1 percent while Bharti Airtel was up 1.3 percent.
Realty stocks recovered well after weakness in early morning trade. The real estate index ended with gains of 3.18 percent. Shares in DLF, India’s top listed realty firm, gained over 7 percent as it ended as the top Sensex gainer.
The Bankex shed over 2 percent as banking stocks struggled. Shares of top private bank ICICI ended with losses of 4.3 percent.
Shares in Satyam ended 3.2 percent lower at 48.5 rupees with volumes of over 28 million shares on the BSE and the NSE.
The markets did not take any cue from RBI governor Duvvuri Subbarao’s comments that there was room to cut interest rates. He however was unsure when it could be done.
So far it appears to have been a bad week for the markets, with the benchmark having closed in the negative in all three sessions. The question now is will the downtrend continue or will we bounce back tomorrow?
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As of now, things look bad. Fiscal deficit is at high 6.5%.
Though American markets may feel some good as their Prez. Obama signed a bill injecting $780 bn more into economy to stimulate it.
As a reflection, Indian markets may feel better too.
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