Markets end flat amid volatility

STOCK REPORT

Persistent inflation fears weighed on the market in early trade, dragging the indices down by 1 per cent, as crude oil prices hit record highs over $130 a barrel. However, a positive start to European markets helped the domestic share indices to recoup their losses.

The shares of oil retailers led the day's gains, following positive sentiment and value buying. Reliance Industries gained nearly 3 per cent to end at Rs 2,668 on fund buying, dealers said. Reliance Petroleum and Oil and Natural Gas Corporation were the other gainers.

National Aluminium surged 5 per cent to Rs 541 as the company raised the aluminium prices by Rs 8,000 a tonne on Friday, dealers said. ITC rose by 1 per cent.

The banking shares remained laggards throughout the day's session amid fears the RBI would resort to more monetary tightening steps as inflation inches closer towards 8.00 per cent. ICICI Bank and Punjab National Bank ended down over 1 per cent each, while HDFC Bank declined 3.5 per cent to Rs 1,410.