Sensex flat ahead of earning season
The broad-based National Stock Exchange index Nifty finished 11.40 points higher at 4,860.95, after moving between 4,877.20 and 4,841.60. Brokers said market sentiment remained jittery a day before the beginning of quarter earnings led by Infosys, while some buying in fundamentally strong stocks cushioned every fall in the market. They said market also supported by gains in retailers after the government notified 100 per cent Foreign Direct Investment in single-brand retail companies.
Infosys declined by 1.29 per cent to Rs 2,826 as funds reduced their holding before the quarter earnings tomorrow. Reliance Industries rose by 1.80 per cent to Rs 748.35. Tata Consultancy Services and other software exporting companies stocks fell on fears a financial turmoil in global markets might hurt their earnings. Country`s software exporters get more than 60 per cent of their revenue from the US and European markets.
While realty, metal, bank, refiners, capital goods, consumer durables, healthcare and auto sectors gained, IT, Teck and FMCG sector closed lower. Bucking the general trend, retailer companies like Pantloon, Shopper Stop, Trent, V2 Retails and Kouton Retails rallied after the government notified 100 per cent FDI in single brand companies.