Sensex ends flat after 207pts rally; TCS, Europe spoilsport
14 July 2011
Market took a disappointing U-turn after gaining 207 points in mid-trade to close flat. The Nifty nicely held the 5600-mark in the second half of trade after a bearish trend in early part of the day. But the sell-off in TCS ahead of results & MET department comments on monsoon played a spoilsport and washed out all gains in the last half an hour of trade.
The 30-share BSE Sensex gained as much as 207 points to hit an intra-day high of 18,803.05, before closing with just 22.18 points gain at 18,618.2.
Experts too perplexed after a sudden fall in the late trade. Dilip Bhat, Joint MD of Prabhudas Lilladher feels that this correction is something like a volatile movement, which really happens in the market on a day to day basis.
European markets too added some pressure - France's CAC, Germany's DAX and Britain's FTSE were down about a percent. "Europe continues to be in a state of flux," Bhat said.
The 50-share NSE Nifty rose 14.35 points, to close at 5,599.80, as 30 stocks out of 50 closed in the green.
Met Department said monsoon level was 19% below normal in week to July 13. However, department did not change July forecast.