Indices close flat after touching new all time highs

Indian markets defied all negative global cues today as well, as they sought new levels. US markets had met with deep correction for the second day on Friday as oil prices continue to climb. Many Asian markets saw heavy losses today, following the trend in US markets.

Indian indices were in no mood to follow global trends in the morning. They took off from Friday's closing and by noon both indices were at new all time highs. The Sensex crossed the 7200-mark for the first time ever in the process.

The gains could not be held as some amount of profit booking emerged in heavyweights led by Reliance Industries. The stock, which was trading with gains till early afternoon, suddenly declined and went into the red. Reliance closed a per cent lower.

Both indices slipped marginally into the red in the last half hour, but managed to recover to close with very marginal gains. Volumes were very high at over Rs28,000 crore, combined for the cash and derivative segments at both the exchanges.

Sensex closed at 7151, up 2 points and the Nifty at 2200, up 5 points from Friday's close. Nifty June futures discount to the spot widened to 20 points from Friday's 16 points.

Among Nifty stocks, IPCL, HDFC Bank and Dabur were the major percentage gainers while Hero Honda, SAIL and VSNL were the major losers.