Sensex closes flat after 278 points swing; RComm up 5.5%

The NSE Nifty closed flat amid extreme volatility in the last half an hour of trade on Wednesday. The 30-share BSE Sensex has seen more than 200 points swing during the day, before closing down 16 points at 17,464.85.

The market was moderately lower in the morning trade due to weak Asian cues, then it turned higher in the afternoon trade following positive European cues. Finally at the close of trade, it erased all its gains post weak manufacturing data from the Eurozone. The 50-share NSE Nifty rose just 0.5 points to 5,258.45.

European markets too wiped out their early gains post Eurozone Manufacturing PMI came in at 47.1 in the month of October - lowest since July 2009. These markets rallied 1-1.5% in the initial trade post Greek PM won the cabinet support for a referendum on the Eurozone bailout deal. According to news reports, the referendum, which has taken most by surprise, may be held in December. The Dow Jones and Nasdaq futures were flat as well.

Financial markets worldwide are eagerly awaiting the G20 meet on November 3 and 4. However, David Buick, partner at BGC tells CNBC-TV18 that he expects absolutely nothing to emerge from this meet. "I suspect the European Union will force the G20 to focus its agenda almost entirely on this Greek tragedy," he explains.

Back home, Bharti Airtel and Hero Motocorp were the biggest losers today, falling 2.6% and 2.8%, respectively. Bharti is going to declare its second quarter numbers on Friday.

Largecaps like ICICI Bank, BHEL, Coal India and NTPC fell 1% each. Infosys, HDFC, L&T and TCS were marginally lower.