Sensex ends flat; DLF dips 3.6 per cent, broader indices outperform

The Sensex closed on a flat note after seeing consolidation throughout the session. It has traded in a tight range of 16,850-16,970 while the Nifty traded in a range of 5,010-5,060. However, the broader indices outperformed the benchmark indices, up 0.9-1% on the back of market breadth of 2:1 on the NSE.

Technically, Hemen Kapadia of chartpundit.com said currently breakout or breakdown seemed unlikely. "The broad range would be around 4,950 and 5,188 on the Nifty Futures. There is an island reversal on the daily chart between 4960-4990 in Nifty futures, which is still not yet covered up. As of now if one is holding above this gap I think technically there is a small sign of strength to look at."

The 50-share NSE Nifty closed at 5,041.75, down 0.30 points and the 30-share NSE Nifty fell 18.52 points, to settle at 16,894.25. However, the BSE Midcap Index gained 1.09% to close at 6,513.30 and the Smallcap Index was up 0.88%, to settle at 7,915.76.

The National Stock Exchange (NSE) has postponed the date to January 4, 2010 for new market timings of 9 am to 3:30 pm from the earlier December 18, 2009.

Among the largecaps, realty, telecom, select capital goods and power stocks witnessed selling pressure. Reliance Industries, BPCL and Maruti Suzuki were the other losers. However, buying was seen in technology, metal, select auto, banking and pharma stocks. ONGC, HUL and Suzlon Energy were the gainers.

The benchmark indices ignored negative global cues. Asian markets ended lower; Shanghai dropped 2.34% and Hang Seng fell 1.22%. Jakarta and Kospi slipped 0.5-1%. Nikkei, Straits Times and Taiwan Weighted were flat with negative bias. European markets were trading 0.5% lower and the US index futures were down 0.4% each, at the time of closing of Indian equities. The Dollar Index gained above 77.50.