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Sensex ends flat after recovering early losses

June 23, 2009

The BSE Sensex erased early losses to end flat, tracking global markets as concerns about the prospects for an economic recovery pushed key indices into negative territory.
The market remained volatile ahead of the expiry of the current months derivative contract on Thursday. The rise in the benchmark was led by Reliance Industries, HDFC, BHEL and ONGC.

The 30-share sensitive index swung from an intra-day high of 14,394 to an intra-day low of 14,016 and closed 2.1 points lower at 14,324. The fifty-share Nifty ended 0.28 percent up at 4,247.

On the sectoral front, the BSE Banking Index dropped 2.1 percent, followed by the Metal Index which ended 1.5 percent lower. However, the BSE Oil & Gas Index closed 2.6 percent higher.

Great Offshore Ltd rose 7.9 percent to 413.60 rupees after shipbuilder ABG Shipyard offered to buy a stake in the firm at 375 rupees per share, countering a bid of 344 rupees by rival Bharati Shipyard.

FIIs sold net $40.7 million in shares and bought $51.7 million in debt.

Do you think the current sell-off will continue as renewed fears of economic recovery have made investors risk-averse?

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