Sensex closes flat on reforms worries (Roundup)

March 7th, 2012 - 6:48 pm ICT by IANS  

Sensex Mumbai, March 7 (IANS) A benchmark index for Indian markets closed flat in volatile trade Wednesday as investors were worried about the government’s ability to push key reforms following the Congress party’s poor show in assembly polls.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,127.18 points, closed at 17,145.52 points, 27.77 points or 0.16 percent down compared to its previous close at 17,173.29 points.

The Sensex had risen to an intra-day high of 17,239.35 points.

The 50-scrip S&P; CNX Nifty of the National Stock Exchange also similarly ended on a lacklustre note at 5,220.45 points.

Broader markets too were quiet. Realty and IT stocks were the major gainers while energy and metal scrips saw losses.

The market breadth was negative with 1,141 stocks advancing, 1,690 declining and 125 remaining unchanged.

Gainers on the Sensex included Wipro, up 1.97 percent at Rs.439.30; HDFC Bank, up 1.52 percent at Rs.515.30; Infosys, up 1.07 percent at Rs.2,879.60 and ICICI Bank, up 0.93 percent at Rs.861.10.

Major losers included Sterlite, down 3.95 percent at Rs.109.35; RIL, down 1.94 percent at Rs.761.45; Bharti Airtel, down 1.91 percent at Rs.329.55 and BHEL, down 1.85 percent at Rs.270.90.

Overseas funds, the main catalyst for the dramatic rise in Indian equities in 2012, sold stocks worth $34.27 million Wednesday, according to data available with the Securities and Exchange Board of India (SEBI).

Foreign institutional investors (FIIs) have put in more than $7.3 billion since the start of the year, having bought equities worth $2.03 billion in January and over $5 billion in February.

Asian markets closed in the red on new concerns over slowing global growth and fears of Greece not being able to meet the deadline for debt restructuring. China had earlier in the week forecast a lower 7.5 percent GDP growth this year.

The Japanese Nikkei closed 0.64 percent lower at 9,576.06 points, while Hong Kong’s index ended 0.86 percent down at 20,627.78 points.

The Chinese Shanghai Composite index shut 0.65 percent down at 2,394.79 points.

European markets were, however, trading in the green.

Britain’s FTSE 100 was trading 0.23 percent higher at 5,779.07 points, while the German DAX was trading 0.26 percent up at 6,650.6 points.

The French CAC 40 was ruling 0.66 percent higher at 3,384.64 points.

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