Nifty ends flat amid volatility; broader indices outperform
01 Feb 2010
The Nifty closed the first session of February month on a flat note. Buying was seen in oil & gas, telecom, auto (post monthly sales numbers), pharma, select infrastructure, technology and metal stocks. In the initial trade, the markets were trading lower following weak Asian cues on China concerns (which recovered a bit in late trade). But those losses recovered as the day progressed.
BPCL was the top gainer on the Nifty with 8% gain. Petroleum Minister, Murli Deora said there was a suggestion that petrol prices should be deregulated and upstream companies are ready to increase contribution to meet shortfall.
Jindal Steel, GAIL and Idea Cellular were the other big gainers, which shot up 4% each.
However, selling in NTPC, SBI, HDFC Bank, Infosys, ITC, HUL, Cairn, SAIL, L&T, PNB, Tata Power and Reliance Capital limited the gains as well as aided to the volatility.
The 30-share BSE Sensex closed at 16,356.03, down 1.93 points, after seeing an intraday high of 16,422.40 and low of 16,160.80. However, the 50-share NSE Nifty touched an intraday high of 4918.80 and low of 4827.15, before closing the session at 4899.70, up 17.65 points.
Reaction to Q3FY10 results - Reliance Communications gained 2.27%; Unitech was up 2.3%; Sun Pharma up 2.27%; Suzlon Energy up 1.7% and Tata Motors rose 3.67% ahead of its January sales numbers as well. However, Reliance Capital lost 1.8% on disappointing numbers.