Sensex flat amid seesaw trade; DLF tops sell list
02 Mar 2012
The market remained rangebound around its previous closing value and is staring at a second weekly loss after a 2% fall last week. Heavyweights SBI, ICICI Bank and L&T were supporting the market quite nicely while technology, FMCG stocks, and ONGC & BHEL put pressure. India's most valuable company Reliance Industries is playing a big role in today's volatility.
The BSE Sensex was down just 22 points to 17,562.16 and the NSE benchmark dipped 4 points to 5,335.85.
Country's largest software services exporters TCS and Infosys were down around 1% while rival Wipro was flat.
Shares of India's biggest tobacco manufacturer ITC and FMCG major HUL declined 0.5-1%.
After better than expected February auto sales numbers, auto stocks saw profit booking. Hero Motocorp and Maruti were flat. Tata Motors was down 0.7% while Bajaj Auto tanked 2% as monthly sales were slightly less than expectations. The company sold 3.45 lakh units in February while CNBC-TV18 poll expected 3.46 lakh units.
Shares of DLF extended fall after a report from investment bank Veritas Investment Research. The report alleges that the debt-laden property developer has been cooking its books for the last four years with large amounts of financial misreporting. The stock was down 6.5%.
