European Markets Upset Momentum, Nifty Ends Flat

The Indian markets gave up their gains in the last hour of the trading session after the European markets opened in the red. The Nifty closed higher by 1 point at 5688 and Sensex was down by 10 points at 18,735.

The market breadth closed in the positive zone. On the NSE, 638 shares have advanced and 553 shares have declined.

Top 5 NSE Gainers: Sesa Goa emerged as the top gainer on the NSE, up by 4.43% followed by Ambuja Cements, Mahindra & Mahindra, Sun Pharma and Lupin.

Top 5 NSE Losers: Reliance Industries was among the top losers, ending lower by 3.93%. Reliance Infrastructure, ONGC, Tata Power and Tata Consultancy Services were the others in losses.

Most of the sectors ended on the positive side. Metal, Healthcare, FMGC and Auto were the top gainers. Oil & Gas witnessed profit booking and dipped more than 2%, followed by IT and TECk.

The Asian market ended on a mixed note. Japan’s Nikkei 225 was 1.21% higher at 13,382, followed by Taiwan Weighted and KOSPI. Hang Seng and Shanghai Composite ended lower in the range of 0.05%-0.38%.

The European markets are trading in the negative zone. DAX is trading lower by 1.26%, CAC 40 is down 0.96% and FTSE is down 0.53% at 6271.

Buzzers: The country’s largest wind turbine supplier, Suzlon Energy, rose about 2% today on the buzz that the Indian lenders are eyeing a share of the cash flows of Suzlon’s subsidiary, REPower. The stock closed at Rs 14.

VIP Industries surged by 17% to Rs 66.85 on the back of heavy volumes. The stock has underperformed the market in the last couple of weeks. It showed good momentum in today’s trading session, opening at Rs 57.50 and seeing a high of Rs 67.85.

It was a day of consolidation, with the Nifty moving in a range of 30-40 points. A fresh move on the upside is expected if the index manages to sustain above 5730.