Mumbai: The stock market on Tuesday ended flat
after recovering from intra-day losses thanks to good buying
interest in select IT, bank and auto stocks.
After an overnight slide, IT stocks scored handsome gains
following a sharp rally in American depository receipts in US.
TCS gained 3.67 percent and Infosys Tech 1.96 percent.
India's largest bike maker Hero Honda surged by another
2.41 percent and HDFC Bank by 1.47 percent.
The market traded below the 17,000 level for a major part
of the session, largely influenced by weakness in Asian and
European stocks and bounced back in the last one hour on fresh
purchases by Foreign Institutional Investors (FIIs).
The BSE barometer Sensex settled the day at 17,050.65,
netting a gain of 18.14 points or 0.11 percent over its last
close.
Sensex touched the intra-day low of 16,882.98 due to
profit selling by domestic investors.
BSE broker Rajeev Malik said that smart rally in Nasdaq
supported Indian IT stocks.
Besides, FIIs have been consistent net buyers in equity
in the month taking the capital inflow into equity to nearly
USD 15 billion so far in the current calendar year.
Domest investors seem cautious as the market crossed the
17K crucial level amid the government's reiteration that the
stimulus packages announced a year ago, are unlikely to be
withdrawn in the current financial year.
Bureau Report
First Published: Tuesday, November 17, 2009, 17:41