Nifty ends flat; BSE Midcap rises for 13 straight days
07 Apr 2011
Indian equity benchmarks closed the third consecutive session on a flat note after witnessing a consolidation throughout the session. Indices were completely directionless on Thursday, could be awaiting some triggers like earnings season, change in government policies etc.
According to Dipan Mehta, Member BSE and NSE, the best strategy would be to wait and watch, and may be at higher levels if crude persistently remains at these levels and government policies is not forthcoming then one should look at booking profits and hope for a correction to then get into the stocks markets. "I think it's a bit of a status quo at this point of time and it is very difficult to call which way the market could move from these levels."
Even the global markets were flat in trade - could be awaiting interest rate decision in the ECB meet. Analysts were expecting about 25 basis points hike in rates today.
Indices consolidated but have not seen any profit booking yet - especially after more than 1800 points rally in previous two weeks. This rally was supported by foreign money, who have bought more than USD 2 billion worth of equities.
The 50-share NSE Nifty has been stuck in a 50 points zone for the last three sessions, says Devangshu Datta, Consulting Editor, Outlook - the range was 5860-5810.
The Nifty fell 6.05 points, to close at 5,885.70 - below 5900 for the second straight day and the 30-share BSE Sensex declined 21.02 points, to settle at 19,591.18.
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