Markets end flat; Europe provides impetus

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, May 21, 2012, 16:04 [IST]

Indian markets which were trading significantly higher until the last half hour of trade, lost ground dramatically to end the day flat, as reports of a further fall in the rupee dampened sentiments. European markets came off five month lows, boosting sentiments in the Indian markets. The Sensex gained 30 points, while the Nifty gained 14 points to close at 4906 points.

State Bank of India rallied smartly for the second day in a row on sustained buying support after delivering spectacular results and better than expected performance on the NPA front.

TV today rallied smartly today and was up almost 20%, after investors bought into the stock following a stake by the Aditya Birla Group.

Among the other gainers in trade today were Tata Power, Reliance Infrastructure and Bank of Baroda. Among the shares that saw sellers were Wipro, ITC, ACC and Cipla.

Markets are expected to continue to take cues from Europe, which now has overdose of news that keeps coming in. Domestically, there are not many cues, especially since the quarterly results by most corporates are now behind us.

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