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Sensex, Nifty look headed for flat close

Source : SIFY
Last Updated: Wed, Feb 20, 2013 09:39 hrs
Sensex crosses 19,000 on hopes of further reforms

With stocks struggling to hold early gains, the market looks headed for a flat close today. Though a few frontliners from across various sectors have moved higher on stock specific stories, the overall mood in the market has turned quite cautious after initial buoyancy.

With the reporting season over, investors are now looking forward to what the Union Budget will present for the near to medium term. FIIs, who were buying quite consistently over the last several weeks, turned net sellers on Tuesday.

The statement from Commerce and Industry Minister Anand Sharma that the country is unlikely to achieve its export target of $350 million for the current year, too appears to have dampened sentiment to an extent.

The Sensex is now up 17.72 points or 0.1% at 19,653.45. The Nifty is up 7.30 points or 0.12% at 5947.

Index heavyweight Reliance Industries (3.3%) continues to trade firm. DLF is up nearly 3.5%. HCL Technologies, BPCL and Ambuja Cements are up 2.5% - 2.8%. GAIL India, Hero Motocorp and Coal India are also up with strong gains.

IDFC, Cipla, Tata Steel, Jindal Steel & Power and Jaiprakash Associates are trading lower by 1% - 1.8%. Tata Motors, Kotak Bank, State Bank of India, BHEL and Bharti Airtel are also trading notably lower.

Raymond Limited shares are up with modest gains following an announcement from the company that the Bombay High Court has approved demerging Jalgaon unit of the company's subsidiary into Raymond.

Shares of Jaiprakash Power Ventures Limited are trading weak following an announcement from the company about the opening of qualified institutional placement of shares to raise up to Rs 3500 crore.


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