The Indian stock market looks headed for a flat close today with investors indulging in some selective buying, tracking a recovery in European markets.
After Thursday's huge sell-off, major European markets have rebounded today, due largely on some bargain hunting than on any significantly positive developments.
With the Union Budget just a few sessions away, investors on the Indian bourses are seen playing it safe, and are largely looking at front line stocks with fairly strong fundamentals.
The Sensex is now up 7 points or 0.04% at 19,332.36. The Nifty is up 6.25 points or 0.11% at 5858.40.
Bharti Airtel is up nearly 4.5% on strong volumes. On the National Stock Exchange, the Bharti Airtel counter has clocked a volume of over 5.2 million shares today.
Idea Cellular (4.5%), MTNL (1.5%) and Reliance Communications (2.6%) are also in demand today. On Thursday, the Ministry of Communications & Information Technology said that the Department of Telecom has decided that a separate auction will be held for the balance of Spectrum in 1,800 MHz band in compliance with the direction of the Supreme Court in its order dated 15 February 2013. Details are being worked out and a separate NIA in this regard will be issued shortly, the Ministry of Communications & Information Technology said.
DLF has gained around 3.6%. Wipro is up 2.4% and Power Grid Corporation is trading higher by 2.2%. Punjab National Bank, Sun Pharmaceutical Industries, ICICI Bank, Mahindra & Mahindra, Infosys, Lupin, Reliance Infrasructure and Bajaj Auto are also up with strong gains.
Hindustan Unilever, Maruti Suzuki, Jaiprakash Associates, HDFC, Coal India, Siemens, Tata Motors, ITC and HDFC Bank are down 1% - 2.4%.