Mkts close flat amid volatility

Infosys up 3%, banks lead, idea tank

Mumbai: The benchmarking indices has closed on a flat note amid volatile trading session as there are no fresh triggers pushed bulls back to wall, on Friday. Interestingly the banks helped the market to recover in the last two hour trading although the sectors telecom, pharma, FMCG have witnessed selling pressure on their respective counters.

In the intraday trade, Sensex fell over 200 points, before closing up 1.06 points at 27,458. Nifty closed down 0.75 point to 8269.Analysts say that though the market is looking 'fundamentally positive', but some correction is happened and still more is forthcoming. The market was in oversold zone, which was adding up to the volatility.

Meanwhile, foreign portfolio investors turned net sellers in shares worth Rs 521 crore on Thursday, according to exchange data. Coming to sectoral indices, IT, Bankex and cpaital goods indices were top gains while helathcare, realty FMCG, oil and gas indices were top losers. Bank shares rebound on short covering at lower levels with Bank Nifty closed at 1.2 per cent higher with ICICI Bank, SBI and HDFC Bank up 1 to 2.8 per cent each.

Other ended down include RIL 2.5 per cent, ITC, Hindustan Unilever down over 1.7 per cent, ONGC flat closing. While telecom stocks closed down on concerns that high cost of spectrum acquisition could impact earnings as Airtel, Idea, Reliance Communications closed down 4 to 6 per cent. The gainers: Hindalco, up 2.97 per cent at Rs 133.55; Infosys, up 2.68 per cent at Rs 2,201.95; State Bank of India (SBI), up 2.59 per cent at Rs 263.55; Larsen and Toubro (L&T), up 2.50 per cent at Rs 1,676.85; and ICICI Bank, up 2.23 per cent at Rs 314.40.

The losers: Bharti Airtel, down 5.64 per cent at Rs 376.20; Wipro, down 3.45 per cent at Rs 612; Reliance Industries, down 2.27 per cent at Rs 811.75; Mahindra and Mahindra, down 1.72 per cent at Rs 1,182.60; and ITC, down 1.72 per cent at Rs 317.10.