Markets end flat as Sensex hits new record of 22,024 points

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 Markets end flat as Sensex hits new record of 22,024 points
Markets ended the day flat even as the Sensex hit the 22,000 mark in intra day touching its highest ever level of 22,024 points.

The Sensex closed the day at 21,930 points (provisional),  a rise of  10 points over Friday's close, another record closing. The Nifty also rallied 10.60 to mark another record closing of 6537.25 points.

IndusInd Bank led private sector banking sector gainers, while PSU banking stocks had a spectacular day in trade. Bank of India rallied 4 per cent, while other notable gainers were Allahabad Bank and IDBI Bank.

Reliance Industries rose after reports that its partner in the KG basin - British Petroleum - said the company's recent discoveries in blocks KGD6 could be commercial.

Technology stocks saw heavy selling pressure as investors shifted attention to banking and infra stocks selling technology stocks in the process. TCS lost more than three per cent, while other notable losers were Infosys and HCL Tech.

Top Nifty gainers in trade was IDFC which saw a spectacular rally in trade of more than seven per cent. Other notable gainers were Maruti and Mahindra and Mahindra.

Ranbaxy fell after the company said it had recalled its cholestrol lowering drug in the US. Pharma stocks continued to have a bad day in trade with Dr Reddy's Labs and Cipla among the losers.

Realty stocks were also on fire today with Oberoi Realty gaining nine per cent, while Sobha Developers jumped more than five per cent.

Meanwhile, markets in Asia ended the day lower on weak Chinese export data and lower than expected GDP data from Japan.

Read more about: sensex, idfc
Story first published: Monday, March 10, 2014, 14:36 [IST]
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