Market ends flat amid volatility

STOCK REPORT

The benchmark indices ended flat on Tuesday after swinging between positive and negative territory.

A $19 billion write-down by Swiss bank UBS and lingering concerns over rising inflation saw the share indices give up early gains and fall 2 per cent, while a bout of short-covering and firm global cues helped the market to recoup its losses, dealers said.

Volumes were thinner than usual as arbitrageurs and jobbers abstained from trading in protest against the proposed Securities Transaction Tax on business income from share trading, dealers said.

Bombay Stock Exchange's 30-share Sensex ended at 15626.62, down 17.82 points or 0.1 per cent, from Thursday. It moved between 15301.85 and 15834.05 throughout the day. National Stock Exchange's 50-share Nifty closed at 4739.55, up 5.05 points or 0.1 per cent, after moving between 4628.75 and 4800.75.

The combined turnover on the exchanges was Rs 156 billion, 24 per cent lower than Rs 205 in the previous session. It was Rs 148 billion on Friday and Rs 218 billion on Thursday.

Bharat Heavy Electricals was the worse Nifty performer. The stock fell over 8 per cent to Rs 1,892 due to selling by a Singapore-based fund, a dealer said.

Larsen & Toubro, down nearly 5 per cent at Rs 2,897, was the other major laggard in the engineering goods space.

Reliance Petroleum was up 7 per cent at Rs 167 after confirming reported plans to raise $500 million for its Jamnagar refinery, dealers said.