Sensex ends flat on steady global cues

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Sensex ends flat on steady global cues
Indian stock markets ended the day flat, with markets across the globe mostly trading quiet. The Nifty ended the day marginally higher by 2.7 points.

Buying was seen across sectors in trade today. Among the major gainers in trade were Bharat Heavy Electricals, which rallied 2% on buying support at lower levels, while the other Nifty gainers were Bajaj Auto, Tata Power, Ultratech Cement and Mahindra and Mahindra.

HDFC which was badly hit in trade on Monday, recovered lost ground to end the day higher. Banking stocks ended the day mixed with ICICI Bank and IndusInd among the gainers, while Bank of India and Bank of Baroda lost ground.

State Bank of India fell after the company's rating was downgraded by Moody's. Pharma stocks were once again in the limelight with notable gainers being Cipla, Lupin Labs, and Sun Pharma.

The star performer in trade today was the state owned MTNL, which rallied over 9% on reports that the company will sign a pact for offering pan-India mobile services with BSNL.

Indian Bank lost ground after Fitch downgraded bank's long-term issuer default rating to 'BB+' from 'BBB-' and its viability rating to 'bb+' from 'bbb-'

IT stocks which have had a good run in the past few weeks, were subdued in trade. Tata Consultancy Services, Infosys and Wipro ended the day lower.

Meanwhile, markets in Europe were trading marginally higher, despite weaker then expected data from
Germany. The UK's FTSE, the German DAX and the French CAC were all higher in trade.

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