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Sensex Ends Flat As Markets Move In A Tight Range


Benchmark indices moved in a tight range, as investors continued profit booking near the 28,000 points level, citing steep valuations.


Sensex Ends Flat As Markets Move In A Tight Range
Markets completely ignored the solid gains seen across Europe and ended the day flat.

Stocks that saw were subdued and saw a drop were ITC and Reliance Industries.

The Sensex ended the day higher by 4 points, while the Nifty ended higher by 3 points. IT stocks, particularly Infosys, which had been badly hit since its quarterly numbers, finally saw some buying support.

Infosys and TCS were the top gainers from the Sensex in trade. One of the hardest hit though was Welspun India, which lost 20 per cent in trade, after reports that Target was ending all business with Welspun.

Analysts worried that this could lead to other players also threatening or severing ties with the company.

Shares in cement manufacturers declined after the railways today hiked freight rates. ACC and Ultratech Cement both declined following the hike in rail freight fares.

Shares in Bharat Heavy dropped a huge 4 per cent, after a foreign brokerage firm cut the target price on the stock.

NTPC was another stock that declined for the second day running, as results did not match expectations.

Meanwhile, the rupee continue to remain steady at 67.10 against the US dollar.

Read more about: sensex nifty
Story first published: Tuesday, August 23, 2016, 15:31 [IST]
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