Markets end on a flat note

Sensex ends provisional at 18,480- down nine points.  Nifty ended up seven points at 5,543.
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(Updated at 1458 hrs)

The markets have been trading in a steady manner this afternoon and look set to sign off the last day of the week on a positive note as the upmove triggered by Monday's Budget is showing no signs of hitting a roadblock, atleast as yet. The Sensex is quoting at 18,564, higher by 75 points and the Nifty is at 5559, up 22 points. The midcap and smallcap indices are flat at 6604 and 8024 respectively.

In fact, the bullishness across the global markets (US overnight, Asia and Europe in today's session) and hopes of a fillip to financial sector reforms paid put to any chances of an easing in the momentum back home. The Dow jumped nearly 200 points overnight, scoring its best one-day rally in three months, due to a pullback in oil prices and upbeat US labour market data. And the cheer rubbed on worldwide, with the benchmark indices across Asia trading higher by upto 2% each and the European markets also looking good across the board. The union cabinet's clearance of the the Banking Regulation (Amendment) Bill 2011 on Thursday seem to have bolstered the sentiment back home. While profit-booking did drag the benchmark indices off the morning highs and into the red at one point, almost teasingly, 

Auto stocks have extended recent gains on the back of higher sales in February and the government's move to keep the excise duties on automobiles unchanged in the Budget, contrary to market expectations of a 2% hike. The auto index has raced ahead by more than 1% at 8977 to top the sectoral gainers list on the BSE. Hero Honda has raced ahead by 2.5% at Rs 1540, Bajaj Auto has appreciated by 2.2% at Rs 1381 and M&M has added 1.3% at Rs 682. And the financials space is also having yet another good session of trade, given the renewed trust on financial sector reforms; HDFC has strengthened by 1.6% at Rs 682 and HDFC Bank has added 1.3% at Rs 2223.

On the losers side, L&T has weakened by 2.7% at Rs 1617 to emerge as the top loser on the BSE. BHEL has shed 1.2% at Rs 2100 and Jaiprakash Associates has lost 1.2% at Rs 84.

The market breadth is positive. Out of 2948 stocks traded on the BSE, there are 1555 advancing stocks as against 1273 declines.