Sensex ends little changed; Wipro down 2 per cent
Markets on Wednesday closed flat as late selling washed away over 100-point gain the benchmark Sensex posted in early trade on the euphoria over IT major and blue-chip Wipro surging to decade's highest level.business Updated: Jan 20, 2010 21:29 IST
Markets on Wednesday closed flat as late selling washed away over 100-point gain the benchmark Sensex posted in early trade on the euphoria over IT major and blue-chip Wipro surging to decade's highest level.
The Bombay Stock Exchange 30-share barometer settled the day at 17,474.49, a moderate fall of 11.57 points from its last close.
Brokers said sentiment got a boost after Wipro beat expectations with 21 per cent growth in its third quarter earnings. Markets were live as such with optimism after string of encouraging third quarter earnings by India Inc, they added.
However, weak trends emerging from overseas bourses turned investors nervous and soon selling pressure emerged across realty, oil & gas and PSU counters.
Even Wipro which had hit a 10-year of Rs 753 on BSE in intra-day fell on profit selling and surprisingly ended with a hefty loss of 1.63 per cent.
Global bourses were turned distinctly weak after reports of China's plans to curb lending policy further after hiking the CRR rate last week. Marketmen said investors were worried that the China move will put the recovery of world markets on back foot all over once again.
The move also saw dollar rising against yen and euro impacting stocks. SMC Global Vice President Rajesh Jain said, "Market is waiting for a break. Chances are there that with the rising dollar the market is waiting for a breakdown on the lower side."