Markets end flat; TCS, Axis Bank weigh Nifty down

Updated: Tuesday, July 17, 2012, 15:35 [IST]

It was a lackluster day of trading on the bourses today, with markets ending virtually flat and moving in a tight range for most of the day. The BSE Sensex closed the day higher by 1 point, while the Nifty ended the day lower by 4 points at 5192 points.

Among the shares that lost ground today were TCS which shed almost 2%, as lingering worries over IT spends continued to see selling pressure in the stock. IT bellweather Infosys, touched a 33 month low and is now down more than 12% since declaring its results.

Indian markets bucked global market trends with most of Asia closing with decent gains. Singapore's Strait Times, Korean Kospi and China's Shanghai Composite closed the day with significant gains.

In Europe too markets were trading higher on hopes that there would be hints of QE3 from Federal Reserve Chairman Ben Bernanke when he testifies before the Congress later today.

Shares that lost ground in trade today amongst the Nifty stocks were DLF, ONGC and Bajaj Auto. Stocks that gained amongst Nifty stocks were Hindalco, ITC and Sun Pharma.

Markets in the next few days are expected to take direction from Ben Bernanke's testimony before the Congress. Any hints of QE3 could see markets gaining strong traction.

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