Sensex ends flat; cap goods, IT, metals fall but RIL up 5%
18 Jan 2012
It was a dull session on Wednesday following a stellar rally yesterday. It stayed moderately lower for major part of the session led by profit booking. Global markets too consolidated today. Index heavyweight Reliance Industries was the star performer while TCS, post its numbers, dragged the technology space down.
The Sensex was down just 14.58 points at 16,451.47 and the Nifty fell 11.5 points, to close at 4,955.80.
Even Fitch ratings deteriorated sentiment a bit. It cut India's FY12 GDP growth forecast to 7% from 8.5% and for FY13, it expects India to grow at 7.5% as against 8%.
However, Deven Choksey, MD of KR Choksey Shares and Securities feels that the range has now shifted to little higher band, which is between 4850-5050 or 5100 levels.
According to him, the market would trade in a range little bit on upward bias with some small correction coming in at least for the next two-three days.
Index heavyweight Reliance Industries retained its top position in the buying list for the whole session. It shot up 5% as the company will consider buyback of shares on January 20 when it declares its third quarter results.