Markets cautious ahead of Q4 results, Sensex ends flat
Mumbai: In lacklustre trade, the BSE Sensex gained barely 22 points at 17,243.84 on select buying at lower levels amid investor caution ahead of fourth quarter corporate earnings, RBI monetary policy and weak European markets.
Capital goods, IT and metal stocks faced selling, while FMCG counters attracted good buying. Recently battered banking stocks too attracted buying.
Auto scrips were also in demand after car sales rose 19.66 percent to 2,29,866 units in March 2012, from 1,92,105 units in the same month last year. Two-wheeler sales also increased 8.27 percent.
The Bombay Stock Exchange 30-share Sensex moved between 17,274.69 and 17,135.76 before closing at 17,243.84, a small rise of 21.70 points or 0.13 percent. In the last two sessions, Sensex had lost 375.28 points or 2.13 percent.
The NSE broader 50-issue Nifty also rose by a mere 9.20 points or 0.18 percent to 5,243.60.
"Markets opened in positive zone despite negative cues from the US markets. However, volatility was high and key indices see-sawed between positive and negative territory for the entire day," said Shanu Goel Research Analyst Bonanza Portfolio.
While trend in Asia was mixed, key European markets -- France, Germany and the UK -- were trading in the red in the afternoon.
Analysts said investors adopted cautious approach ahead of the Q4 (January-March) 2011-12 results, starting with IT bellwether Infosys on Friday, and annual monetary policy by the Reserve Bank on Tuesday.