Sensex, Nifty Close Flat in Thin Trading

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The Sensex and the Nifty ended the day flat in thin trading even as European markets were closed. Volumes were thin on account of the holiday season following Christmas.

The Sensex ended the day with gains of 33points, while the Nifty closed higher by 26 points. Leading the set of losers from the Nifty and the Sensex were stocks like Maruti Suzuki, Tata Motors and heavyweight, ITC.

Sensex, Nifty Close Flat in Thin Trading
PSU banking stocks saw some heavy buying support with stocks like Syndicate Bank, Union Bank, Allahabad bank and Andhra Bank seeing a huge rally in their stock prices. Hopes of a meeting with the Prime Minister for a revival in these banks in the first week of Jan, saw share prices rallying.

Shares in Reliance Capital gained ground on reports that Sumitomo Mitsui Trust Bk is to Pick Stake in the company.

There was also some action in select mid cap stocks including the likes of Voltas, UPL and IFCI. Energy stocks like HPCL and BPCL came in for some selling pressure. These stocks have been rallying sharply on the back of a drop in domestic prices of crude. Today they gave up some gains.

Meanwhile, markets across Asia ended the day higher, while Europe was closed in trade. Dealers expect market to continue to move sideways until the early part of the next year.

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