Markets end flat; oil and gas stocks rally

Commentary

oi-Sunil

By Sunil Fernandes

Updated: Friday, January 4, 2013, 15:33 [IST]

Markets ended the day flat, after trading in the negative for most of the day, following a release of a Fed Reserve Minutes meeting, which hinted at an earlier-than-expected end to its bond buying programme in the US.

The Sensex ended the day higher by 4.90 points, while the Nifty gained 6.65 points. Among the gainers today in trade were the oil exploration and marketing companies including names like ONGC, Indian Oil, HPCL, BPCL and Oil India.

While oil and gas exploration companies gained on reports of hike in gas prices, oil marketing companies gained on hopes of an increase in diesel prices.

Software stocks were also in the limelight as the rupee lost almost one per cent in trade today. Shares of HCL, Wipro and Infosys all gained in trade today.

The top losers today was the metal pack, including names like Tata Steel, Hindalco Industries and Sesa Goa.

Banking and financial, also saw some profit booking with prominent losers from the sector including names like HDFC, Axis Bank, HDFC Bank and Bank of Baroda.

Shares of Jet Airways ended the day firm, after the company confirmed that it was in talks with Eithad for a stake sale.

Hindustan Dorr Olive gained after the company said it has received two orders worth Rs 277 crore from Gujarat State Fertilisers and Chemicals (GSFC).

Meanwhile, markets in Asia ended the day lower, except markets in China and Japan which re-opened after being shut for new year holidays.

Markets in Europe were trading marginally lower, following a release of the Federal Reserve Miniutes of meeting report.

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