Markets close flat amid choppy trade

The Bombay Stock Exchange (BSE) benchmark Sensitive index or Sensex ended little changed on Tuesday. Tata Steel, which raised prices on some of its products, gained 8.7 per cent. Housing Development Finance Corporation (HDFC), the nation's largest mortgage lender, dropped 5.8 per cent after its rating was cut at Deutsche Bank, which said the shares were fairly valued.

"While all operating parameters remain as solid as ever, we believe the balance of risk and reward is reflected in the current share price," Dipankar Choudhury, an analyst at Deutsche Bank said in a note to clients today.

The Sensex slid less than 0.1 per cent to 12,131.08. The S&P CNX Nifty Index of the National Stock Exchange added 0.2 per cent to 3,661.90. The BSE 200 Index climbed 0.5 per cent to 1,422.51. Nifty futures for May delivery slid 0.2 per cent to 3,653.

Tata Steel rose 8.7 per cent to Rs 286.15. The nation's largest maker of the alloy raised prices on some products used for construction by Rs 500 a tonne in the immediate delivery market, spokesman Sanjay Choudhry said today.

Steel Authority of India, the nation's second-biggest steel maker, added 0.6 per cent to Rs 118.65. JSW Steel gained 10 per cent to Rs 399.15.

HDFC retreated 5.8 per cent to Rs 1,850.85. The stock's rating was cut to 'hold' from 'buy' by Deutsche Bank.

Overseas funds bought a net Rs 345 crore of the stocks on April 29, according to Sebi.