Mumbai: Indian equities closed flat after hovering around their previous closing values in the second half of trade on Tuesday. Although the market has been in a consolidation mode, it has been breaking the range at lower end first it broke the 5700 level on November 9 on closing basis and then 5600 level on November 16. The 30-share BSE Sensex gained more than 100 points in early trade today on hopes of US fiscal deal. However, it immediately came off day's high and then in last couple of hours of trade, the index erased all its gains amid negative European cues. The BSE benchmark fell 9.68 points to close at 18,329.32 while the 50-share NSE Nifty rose just 0.15 point to 5,571.55.
Market Expert Ambareesh Baliga feels people are extremely cautious at this point of time especially because of the winter session of Parliament. Utility vehicle maker Mahindra & Mahindra surged 3.25 per cent on expectations that the company may report good sales numbers in November due to Diwali festival. Its passenger vehicles segment performed very well in October. Experts feel that would continue in November too.
HDFC pack remained supportive. Housing finance company HDFC rose 2 per cent and private sector lender HDFC Bank gained 0.67 per cent. Software exporter majors TCS and Wipro climbed 1 per cent whereas their rival Infosys lost 1.5 per cent.
The 30-share BSE Sensex gained more than 100 points in early trade today on hopes of US fiscal deal.
Commercial vehicle maker Tata Motors was up 0.8 per cent whereas two-wheeler majors Hero Motocorp and Bajaj Auto dropped 1 per cent. Private power producer Tata Power gained 1.8 per cent. Metals stocks like Jindal Steel, Hindalco, Sterlite and Tata Steel were down0.9-1.9 per cent.
Shares of Larsen & Toubro, Reliance Industries, ITC, State Bank of India and ONGC declined 0.6-1.3 per cent. Diversified conglomerate Jaiprakash Associates tumbled 3.65 per cent and realty major DLF slipped 2.37 per cent. The broader markets saw selling pressure today. The BSE Midcap lost 0.8 per cent and Smallcap fell 0.9 per cent.
Declining shares outnumbered advancing by a ratio of 1813 to 985 on the Bombay Stock Exchange. Reliance Communications plunged over 5 per cent. In the second line shares, infrastructure stocks saw downward journey. IRB Infra, IVRCL, IRB Infra, NCC and GMR Infra plummeted 2-3 per cent.
Jewellery stocks were in bull grip. Vaibhav Gems rallied 19 per cent while TBZ, Gitanjali Gems and Goenka Diamond gained 3-5.5 per cent. European markets were marginally down (at 15:35 hours IST) as Moody's cut France's government debt rating to Aa1 and kept its negative outlook, citing the country's uncertain fiscal outlook and deteriorating economic prospects.