After a Volatile Session Markets End on a Flat Note

Volatility is the word of the day. The markets witnessed volatile trade during today’s session moving to and fro between red and green. Markets ended on a flat note after swinging between gains and losses through the day as concerns over US debt deal deadlock and losses in heavyweight Reliance Industries weighed. The Nifty opened in the red following weak global cues, but managed to swing back into the green, to a high of 5,520 in the morning session. Upbeat results by largest private bank, ICICI Bank pulled the Nifty higher in the afternoon session, but losses in heavyweight Reliance Industries dragged the index in the last leg of the trade. Finally, the Nifty ended at 5,482, down 6 points and the BSE benchmark Sensex closed at 18,197, down 12 points. The main draggers for the day are the realty and metal indices that ended the day with a loss of two percentage points each, followed by the oil & gas and power indices declining by more than one percentage points. On the global front, European stocks slid, extending the Stoxx Europe 600 Index’s monthly drop, as U.S. lawmakers called off a vote on a Republican plan for raising the nation’s debt ceiling. Asian shares and U.S. index futures declined.