Indian markets close flat as Euro crisis

November 2nd, 2011 - 7:31 pm ICT by IANS  

Sensex Mumbai, Nov 2 (IANS) Indian equities markets Wednesday closed flat, paring intra-day gains, amid concerns that the European debt crisis could compound after Greece announced its intentions to hold a referendum on a bailout deal agreed with European Union leaders last week.

Globally, markets had fallen sharply Tuesday after Greek Prime Minister George Papandreou said the country would hold a public referendum on the bailout deal.

Investor sentiments continued to be on the edge as analysts fear the referendum will take time to happen and the delay could push Greece closer to a debt default and prolong the Euro debt crisis.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,347.7 points, closed at 17,464.85 points, down 15.98 points or 0.09 percent from its previous close at 17,480.83 points.

The 50-scrip S&P; CNX Nifty of the National Stock Exchange also ended lacklustre, closing flat at 5,258.45 points.

Broader markets also ended flat with the BSE 500 index closing almost unchanged. Same was the case with the BSE midcap and smallcap indices.

The market breadth at the BSE was negative with 1,394 stocks advancing and 1,435 scrips declining. Some 129 scrips were unchanged.

The prominent Sensex gainers included RIL, up 1.27 percent at Rs.871.45; Tata Power, up 0.99 percent at Rs.102.05; Jindal Steel, up 0.75 percent at Rs.560.55; and M&M;, up 0.56 percent at Rs.838.70.

The losers on the benchmark were: Hero MotoCorp, down 2.84 percent at Rs.2,081; Bharti Airtel, down 2.63 percent at Rs.384.30; NTPC, down 1.24 percent at Rs.175.40; and Coal India, down 1.06 percent at Rs.326.55.

Tracking the overnight losses in Europe and the US, major bourses in Asia fell initially as fears of a Greek default grew. But some markets managed to pare losses and climbed into the green.

The Japanese Nikkei Thursday closed 2.21 percent lower at 8,640.42 points while Hong Kong’s Hang Seng traded 0.59 percent up at 19,484.52 points.

The Chinese Shanghai composite index was, however, ruling 0.97 percent higher at 2,493.88 points.

European markets were ruling mixed even as concerns on Greece’s announcement of a referendum weighed.

Around mid-day, Britain’s FTSE was trading 0.22 percent down at 5,409.71 points, while the French CAC 40 was ruling 0.88 percent up at 3,095.41 points.

The German DAX was also trading 0.84 percent up at 5,883.66 points.

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