Mumbai Aug 17 (IANS) After a volatile day of trade the key Indian equity indices on Thursday closed on a flat note though continuing their streak of gains for the third consecutive session on the back of healthy buying in IT Teck (technology media and entertainment) and metal stocks.
According to market observers negative European markets coupled with profit booking in automobile and banking stocks pared most of the gains of the key indices.
The Nifty50 of the National Stock Exchange (NSE) which managed to hold on to the psychologically important 9 900-level closed at 9 904.15 points -- fractionally up by 6.85 points or 0.07 per cent from its previous close.
The 30-scrip Sensitive Index (Sensex) of the BSE oscillated in a range of over 200 points during the intra-day trade touching a high of 31 937.51 points and a low of 31 714.10 points.
On a closing basis the Sensex edged up by 24.57 points or 0.08 per cent to close at 31 834.45 points.
The BSE market breadth was bullish with 1 398 advances and 1 164 declines.
In terms of the broader markets the S&P BSE mid-cap index fell by 0.35 per cent whereas the small-cap index was up by 0.53 per cent.
"The Nifty reversed trend in mid-morning trade after hitting its highest levels in more than a week in morning trade it then bounced back in early afternoon trade. Nifty later wiped off almost all gains in late trade " Deepak Jasani Head of Retail Research HDFC Securities told IANS.
"Major Asian markets ended on a mixed note. European indices like FTSE 100 DAX and CAC 40 traded lower " he added.
Dhruv Desai Director and Chief Operating Officer of Tradebulls said the shares of IT major Infosys which rose as much as 5.2 per cent after the company said its board would consider a proposal to buy back shares at a meeting later this month boosted sentiment for other IT stocks.
"The BSE Sensex extended gains in post-noon trade rising over 100 points on Thursday as Infosys the second biggest IT outsourcer in India surged over 5 per after announcing a likely share buyback while Asian markets rose as tensions between the US and North Korea eased " said Desai.
"Shares of aviation companies were trading higher for the third straight trading session after they reported a good set of numbers for the April-June quarter (Q1FY18). Top gainers on NSE were Infosys NTPC and Coal India while on the losing front were Cipla ACC and Maruti Suzuki " Desai added.
Sector-wise the banking index declined by 195.08 points followed by the automobile index by 172.94 points and the healthcare index by 66.86 points.
On the other hand the S&P BSE IT index surged by 188.67 points the metal index by 104.41 points and the Teck index by 103.38 points.
Major Sensex gainers on Thursday were: Infosys up 4.54 per cent at Rs 1 021.15; Coal India up 4.22 per cent at Rs 247.05; NTPC up 3.97 per cent at Rs 176.85; Bharti Airtel up 2.29 per cent at Rs 415.95; and HDFC up 0.95 per cent at Rs 1 758.15.
Major Sensex losers were: Cipla down 2.85 per cent at Rs 573.35; Adani Ports down 1.81 per cent at Rs 390.25; Tata Motors (DVR) down 1.32 per cent at Rs 228.60; Maruti Suzuki down 1.23 per cent at Rs 7 606.80; and Kotak Bank down 1.17 per cent at Rs 989.80.
--IANS
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