Nifty closes flat; pharma, auto, oil & gas down 1 per cent
01 Oct 2009
The Nifty closed flat after trading lacklustre for the entire session. Some buying was seen in IT, banks and FMCG stocks. However, pharma, oil & gas auto and power stocks traded lower. Reliance, L&T, HDFC, ITC and NTPC were the negative contributors to the bourses.
The Sensex ended up 7.71 points or 0.05% at 17134.55. It touched an intraday high of 17,195.61 and an intraday low of 17,059.36.
The Nifty closed down 6.95 points or 0.14% at 5077. It touched an intraday high of 5110.50 and an intraday low of 5057.05.
The markets breadth was negative, about 1177 shares advanced, 1713 shares declined, and 320 shares were unchanged.
Vineet Bhatnagar, Managing Director of MF Global, saw resistance for the Nifty at 5,150–5,200 levels while he saw support for it at 4,880–4,920 levels. He said that investors could keep their Nifty long positions open.
Manishi Raychaudhuri of BNP Paribas Securities said he expected earnings upgrades in engineering, construction, autos and Information Technology. He added that the liquidity driven rally would still continue for a while.
