Mumbai March 9 (IANS) Indian equity markets closed on a flat-to-positive note on Thursday on the back of fresh inflows of foreign funds and healthy buying in automobile banking and consumer durables stocks.
However negative global cues and a weak rupee arrested further rise of the key indices.
According to market observers investors remained cautious ahead of the five state assembly elections exit poll outcome.
Besides investors were spooked ahead of the European Central Bank (ECB) monetary policy review later in the evening and the US Federal Open Market Committee (FOMC) meet next week.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched up 2.70 points or 0.03 per cent to 8 927 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE which opened at 28 909.70 points closed at 28 929.13 points -- up 27.19 points or 0.09 per cent from the previous close at 28 901.94 points.
The Sensex touched a high of 28 986.72 points and a low of 28 815.02 points in intra-day trade.
The BSE market breadth was tilted in favour of bears -- with 1 611 declines and 1 188 advances.
The S&P BSE mid-cap index edged lower by 0.21 per cent and the small-cap index was down by 0.09 per cent.
On Wednesday the NSE Nifty fell by 22.60 points or 0.25 per cent to close at 8 924.30 points and the BSE Sensex was down 96.77 points or 0.33 per cent at 28 902.79 points.
Markets ended flat after a narrow range day on Thursday ahead of the assembly elections exit polls Deepak Jasani Head - Retail Research HDFC Securities told IANS.
Major Asian markets ended on a negative note barring the Nikkei and Jakarta indices. European indices like FTSE 100 CAC 40 and DAX too traded lower.
Equity analysts pointed out that gains were capped due to a weaker rupee and rise in volatility.
Markets have continued to keep an ear to election buzz and is seen riding on positive expectations. But with the VIX (Volatility Index) rising there is a certainly a sense of cautiousness said Anand James Chief Market Strategist Geojit Financial Services.
Dollar s strength and pull back of commodity prices have appeared threatening.
The Indian rupee weakened by two paise to 66.72 against a US dollar from its previous close of 66.70 to a greenback.
In contrast there were fresh inflows of foreign funds in the equity markets.
Provisional data with exchanges showed that foreign institutional investors (FIIs) purchased stocks worth Rs 487.61 crore while the domestic institutional investors (DIIs) invested Rs 10.98 crore.
Commenting on the sector-specific movement Dhruv Desai Director and Chief Operating Officer of Tradebulls said: IT stocks traded with mixed sentiments while banking pharma auto oil-gas and aviation stocks traded with sideways to bearish sentiments.
Textile and media-entertainment sector stocks traded with firm sentiments whereas FMCG and cement sector stocks traded with mixed sentiments due to profit booking.
Sector-wise the S&P BSE automobile index surged by 121.71 points followed by the banking index which rose by 57.42 points and the consumer durables index which edged up by 46.78 points.
On the other hand the S&P BSE healthcare index plunged by 98.04 points the oil and gas index fell by 87.89 points and the metal index slipped by 76.09 points.
Major Sensex gainers on Thursday were: Maruti Suzuki up 1.67 per cent at Rs 5 961.90; State Bank of India (SBI) up 1.30 per cent at Rs 273.20; Axis Bank up 1.16 per cent at Rs 516.10; Tata Motors up 1.07 per cent at Rs 467.60; and Asian Paints 0.87 per cent at Rs 1 031.10.
Major Sensex losers were: Dr Reddy s Lab down 5.01 per cent at Rs 2 708.60; Gail down 2.27 per cent at Rs 379.40; Wipro down 1.96 per cent at Rs 484.20; Adani Ports down 1.96 per cent at Rs 300.75; and ONGC down 1.56 per cent at Rs 189.75.
--IANS
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Foreign funds inflows buoy Indian equities (Roundup)
