Market consolidates at 12,000 level, Sensex ends almost flat
The Sensex seemed to be consolidating at 12,000 level in volatile trade on Tuesday after two days of massive gains as the benchmark index, after being in and out of positive territory, ended flat at 12,131.08.business Updated: May 05, 2009 17:51 IST
The Sensex seemed to be consolidating at 12,000 level in volatile trade on Tuesday after two days of massive gains as the benchmark index, after being in and out of positive territory, ended flat at 12,131.08.
Selling in select key pivotals, mainly FMCG and IT counters, weighed on the bellwether index while stocks of realty, metal, capital goods and banks were in keen demand and helped the Sensex make good its early losses.
The Bombay Stock Exchange 30-share barometer initially fell to a low of 11,985.88 before ending the day at 12,131.08, a decline of just 3.67 points or 0.03 per cent from its previous close. At the day's low, it was down by nearly 149 points.
Bonanza Portfolio Assistant Vice-President Avinash Gupta said: "There has been profit taking in the market. After yesterday's surge investors today turned cautious. The market would remain flatish and trade in the sideways zone."
On Monday, the Sensex had gained by a whopping 731.50 points, the largest rise in absolute terms in 2009, or 6.41 per cent, after gaining 401.50 points on April 29.
The 50-issue Nifty of the National Stock Exchange, however, inched up by 7.90 points or 0.22 per cent to 3,661.90 from last close.