Markets swing wildly, Sensex ends flat
BSE ended the day almost flat with the investors preferring to book profits at the day's higher levels.business Updated: Feb 12, 2008 18:19 IST
The markets were on a roller-coaster ride before the benchmark Sensex on the Bombay Stock Exchange ended the day almost flat with the investors preferring to book profits at the day's higher levels.
The markets showed signs of revival as a renewed action in select frontline stocks propelled the index several times during the day. The key index moved in a wide range of 16,966.72 and 16,565.48 points.
The 30-share BSE barometer finally settled the day at 16,608.01, a net fall of 22.90 points, or 0.14 per cent, from its previous close.
Analysts had said that they expected the market to recover from its last closing levels. They had further said that they anticipated a bear phase if the sensitive index (Sensex) registered further losses at close.
Brokers also said FII numbers were a matter of concern for investors.
The Foreign Institutional Investors (FIIs) key market driver, were net sellers to the tune of Rs 1,268.67 crore in equity on February 11, as per provisional data.
Analysts continued to anticipate an uncertain outlook in the near-term in the light of lingering worries about a likely recession in the US which will lead to a global slowdown.
They also said the Indian economy is also showing signs of slowing down, pointing out the industrial growth rate in December. Industrial growth slipped to 7.6 per cent compared to 13.4 per cent in the same month the previous year, the government data revealed on Tuesday.
The Asian markets, however, ended with handsome gains after yesterday's bounce on Wall Street that failed to dispel fears about a US recession.