Dull show: Sensex ends 81 points higher; G-20 meet eyed

The 30-share BSE Sensex trimmed its gains in the last couple of hours of trade and closed Friday's session with moderate gains amid choppy trade. Huge volatility was also seen in the European markets ahead of conclusive decision from the G-20 meet today. The 30-share BSE Sensex rose 80.68 points, to close at 17,562.61 and the 50-share NSE Nifty moved up just 18.45 points, to end at 5284.20.

Market was strong in morning trade-the Sensex had traded with 150-200 points gains on global rally post the bailout deal referendum cancelled by Greece. This rally was also supported by European Central Bank cutting lending rate by 25 bps to 1.25% for the first time in two years yesterday. But the market could not sustain those gains in the second half of trade due to volatility in Europe, especially ahead of G-20 meet. Investors too were worried about the financial and political stability in the eurozone.

Mark Konyn, chief executive officer of RCM says, Greek default has already been priced in by markets. ''I think the focus now will more be on Italy and to a lesser extent Spain.''

The rally last week was mainly on the back of an overexcited market, which soon realised that things were not all that great, feels Anand Tandon, CEO of JRG Securities. ''I think slowly the realisation has come through that actually they (EU leaders) have done nothing except try and plan for a structured Greek bailout,'' he explained adding, ''…the picture still remains pretty murky.''

For the week, the benchmark indices fell over 1.3% while broader indices gained more than 1%.

Financial, capital goods, metal and auto (2-wheeler space) stocks supported the market throughout the session. However, the fall in Reliance Industries, TCS and HUL cut the gains.