Nifty snaps 4-day winning streak to end flat

The benchmark Nifty snapped four days winning streak and closed Friday's session below 6000 - a psychologically important level. Overall it was a consolidation day for markets; indices hovered around their previous closing values and finally settled on a flat note with negative bias.

The markets have seen a smart pullback from 5,700 over the last few days. However, according to Sanjay Dutt of Quantum Securities the markets are done with the pullback, in the immediate short-term at least. ''We will consolidate plus/minus 50 points from the current levels.''

Realty companies' shares took huge beating on exchanges, could be because of profit booking. Even broader indices were on sellers' radar in second half of trade but the volume was lower compared to previous sessions.

Anil Dhirubhai Ambani Group, select financial and metal companies' shares along with heavyweight Reliance Industries dragged the Nifty tad below 6000 level. However, indices got support from NTPC, ONGC, Hero Honda, JSPL, M&M, Cipla, L&T along with FMCG and technology companies' shares, which limited losses to major extent.

The 30-share BSE Sensex closed at 19,966.93, down just 25.77 points from previous closing value. The 50-share NSE Nifty slipped 18.90 points or 0.31% to settle at 5,992.80. The broader indices saw huge sell-off today; the BSE Midcap Index tumbled 2.3% and Smalllcap cracked 3%.

Dutt doesn't see any reason why the indices should be below 5,700 5,800 even in the short- to medium-term. ''I think in the next about 40 trading sessions, I do not see any reason why we should not be back up to 6,300,'' he said.