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Markets end flat in volatile trade

business Updated: Oct 24, 2007 17:07 IST
PTI
Markets

The stock markets on Wednesday ended flat as investors renewed their derivatives position ahead of the expiry of current contracts on Thursday.

The benchmark Sensex moved widely between 18,832.49 and 18,317.17 before ending the day at 18,512.91 on the Bombay Stock Exchange from Tuesday's close of 18,492.84, a gain of 20.07 points or 0.11 per cent.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) ended higher by 22.45 points or 0.41 per cent to close at 5,496.15 from previous close of 5,473.70.

Foreign Institutional Investors (FIIs) and operators were engaged in roll over of their derivatives position to the November series ahead of the expiry of October contracts on Thursday, marketmen said.

As per the data, the marketwide rollover was about 42 per cent as on October 23.

Higher rollovers indicated a bullish undertone, market players said, adding that "the marketwide rollover in the previous two futures contracts was more than 80 per cent."

The market sentiment was boosted by hectic shortcovering by FIIs and expectations of more FII inflows with several foreign funds awaiting SEBI clearance, they added.

Reliance Energy soared by 8.58 per cent on reports that Reliance Power will be valued nearly two times its holding company, REL, after the mega initial public offer.

Country's largest lender SBI was also in the limelight and gained 5.25 per cent.

However, Grasim, Bajaj Auto, BHEL, HDFC, Tata Motors, TCS Ltd, Bharti Airtel, Infosys Tech, Wipro and Mahindra and Mahindra suffered a sharp setback.