Markets end on flat note

Rate sensitives snub RBI move, remain mostly unmoved; Reliance Communications, NTPC and ONGC slip.

The markets today opened on a flat note, despite the surprise rate hike late on Friday. The Reserve Bank of India (RBI), in its bid to tame inflation, announced a 25 basis points hike in repo and reverse repo rates. The central bank is scheduled to meet on July 27 for the credit policy review.

The Sensex opened 13 points higher at 17,474, and thereafter moved in an extremely narrow range of 68-odd points today. The index touched a high of 17,506, and a low of 17,438. The Sensex finally settled with a marginal loss of 20 points at 17,441.

The NSE Nifty ended with a point lower at 5,236.

The rate sensitive stocks snubbed RBI's move to hike rates, and ended on a rather quiet note. The BSE Auto and Bankex ended in green, up marginally at 8,191 and 10,698, respectively. The Realty index was down marginally at 3,128.

RATE SENSITIVES SNUB RBI MOVE...

Among banks, Punjab National Bank rallied 2.7% to Rs 1,074. Bank of India surged over 2% to Rs 365, and Canara Bank added 1.5% to Rs 457. However, IDBI Bank down 1.3% was the top loser.

Ashok Leyland led the gainers list in the auto pack, up nearly 5% at Rs 65.50 on the back of robust sales in the month of June. Mahindra & Mahindra added 1.3% to Rs 610. Amtek Auto shed 2.5% at Rs 173. Exide declined 1.5% to Rs 126, and Maruti was down 1% at Rs 1,395.

In the realty space, Orbit Corporation gained 1.5% at Rs 133. DB Realy shed 2.% at Rs 370.

Most of the other stocks in the auto, banking and realty space ended more or less on a flat note.

SENSEX LOSERS...

Reliance Communications declined nearly 3% to Rs 186. Hindalco dropped 1.7% to Rs 142.

ONGC shed 1.5% at Rs 1,286. BHEL, Hindustan Unilever, NTPC and Maruti were the other prominent losers.

The market breadth was positive - out of 2,971 stocks traded, 1,614 advanced, 1,238 declined on the BSE today.