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Rediff.com  » Business » Markets end flat amid volatile trade

Markets end flat amid volatile trade

Last updated on: September 17, 2013 16:12 IST

StockbrokersMarkets ended flat on Tuesday, amid a volatile trading session, as investors exercised caution ahead of the two-day FOMC meet starting today and Reserve Bank of India's monetary policy later this week.

The outcome of the US Federal Reserve Open Market Commitee meet on September 17-18 will be key in terms of any tapering of $85 billion monthly bond purchases that led to significant inflows in the emerging markets especially India so far.

The 30-share Sensex ended up 62 points at 19,804 and the 50-share Nifty gained 10 points to close at 5,850.

Most Asian markets ended lower and the dollar firmed on Tuesday as investors turned cautious head of the FOMC meet in which the US central bank is likely to start withdrawing stimulus.

The Hang Seng, Nikkei and Shanghai COmposite ended down 0.3-2% each while Straits Times ended up 0.05%.

The weakness in the rupee continued in late trades due to persistent dollar demand by importers.

The rupee was trading at Rs 63.11 compared with previous close of Rs 62.85 per dollar.

The BSE IT index was the top gainer among the sectoral indices up 2% followed by Metal, Auto and FMCG indices. However, Realty, Power, Bankex and Consumer Durables shares ended down nearly 1% each.

Major software exporters were among the top gainers in the Sensex amid a weakening rupee. Infosys, TCS and Wipro gained 1-5% each.

Dr Reddy's Labs ended up nearly 4% after the company said it has received an approval from the United States Food and Drug Administration (US FDA) for its Azacitidine for injection 100 mg/vial.

In the FMCG pack, ITC and Hindustan Unilever ended up 1.2% each.

Financials were down ahead of the RBI meet on Friday. HDFC, ICICI Bank, SBI and HDFC Bank were down 0.05-1.2% each.

In the oil and gas pack, Reliance Industries and ONGC ended down 0.4-2.3% each.

Among others, shares of gold finance companies such as Muthoot Finance and Manappuram Finance ended down 5-9% each on BSE after the Reserve Bank of India tightened regulations governing non-banking finance companies lending against gold jewellery.

Sesa Goa ended 1.8% up at Rs 180, bouncing back nearly 6% from intra-day low ahead of Supreme Court hearing on Goa mining case today.

Reliance Broadcast gained 5% to end at Rs 47.55 on announcement that the company is mulling delisting from the bourses.

However, market breath on BSE ended weak with 1,233 shares declining and 1,119 shares advancing.

Tulemino Antao in Mumbai
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