Home Business Sensex finish flat with lost of 61.16 points, Nifty closed above 10,400...

Sensex finish flat with lost of 61.16 points, Nifty closed above 10,400 mark

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(G.N.S) Dt. 13
Mumbai
Markets on Tuesday finished on a flat note as equity benchmark indices faced losses in the last hour of trading. Indian shares edged higher on Tuesday, with financials accounting for over half the gains, as easing retail inflation allayed concerns of a rate hike in the near term.
India’s retail inflation eased to 4.44 percent in February from 5.1 percent in January, but remained above the 4 percent medium-term target of the Reserve Bank of India.
Both the indices pared gains to end flat amid choppy trade today dragged mainly by IT stocks. The sensex ended down 61 points while the nifty endd at up 5 points.Krishan Kumar Totlani
30-share BSE Sensex lost 61.16 points to close on 33,856.78 while the broader 50-share NSE Nifty closed above 10,400-mark. The indices traded volatile through the day shifting between the green and red zones.
“PSU (public sector) banks have been oversold, having been battered down so badly, so some sort of bounce was due and the CPI (data) coming in at a soft level became a trigger for the rise as it could lead to some pressure on RBI to re-look the interest rates,” said Deepak Jasani, head of retail research at HDFC Securities.
Meanwhile, IT stocks declined led by Tata Consultancy Services, which posted its biggest intraday pct fall since Nov. 2016 after a term sheet showed that parent Tata Sons is set to sell a stake in the company.
Analysts, however, said retail inflation could accelerate to 6 percent by June and may remain at 5 percent to 6 percent in the financial year that begins on April 1, leading to pre-emptive monetary tightening.
The broader NSE Nifty was up 0.36 percent at 10,458.85 as of 0541 GMT, while the benchmark BSE Sensex rose 0.34 percent to 34,034.01.
Financial stocks led the gains on the gains, with the Nifty PSU bank index rising as much as 3.8 percent. Punjab National Bank rose 4.2 percent and Andhra Bank gained 5.9 percent.
The Nifty PSU bank sub-index which has been a laggard in the last few sessions, finished with a gain of more than 2 per cent. IT and FMCG sub-indices finished in the red.
Axis Bank, Wipro, Sun Pharma and Dr. Reddy were the major gainers while TCS, Kotak Bank and Coal India lost themost.

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