Market flat at the weekend, set to consolidate above 17K
The market is set to consolidate above the 17,000 psychological-level in stock-specific trade in the next few days as the Sensex and Nifty ended flat after hitting 8-week intra-trade high in the week under review.business Updated: Dec 12, 2009 12:23 IST
The market is set to consolidate above the 17,000 psychological-level in stock-specific trade in the next few days as the Sensex and Nifty ended flat after hitting 8-week intra-trade high in the week under review.
Generally, investors were in no mood to extend their commitments at the current levels and booked profits at the intra-day higher levels despite sustained capital inflows into equity in the current calendar year.
Reserve Bank of India Governor D Subbarao reportedly clarified that the central bank has no plans to curb foreign fund inflow at the moment.
However, a lower-than-expected industrial output and concerns about rising inflation made investors cautious ahead of the third instalment of advance tax paid by corporates.
Three Sensex heavyweights - L&T, Bharti Airtel and BHEL - hogged the limelight during the period under review and immensely contributed in steady end of the week.
Touching an eight-week high of 17,351.71 in early trade on Friday, the Bombay Stock Exchange 30-share barometer ended the week at 17,119.03, netting a marginal rise of 17.49 points, or 0.10 per cent, over its last weekend's close.
Similarly, the National Stock Exchange's 50-share Nifty ended the week up 8.40 points, or 0.16 per cent, at 5,117.30 from its last weekend's close.