Sensex ends flat ahead of Infosys results, IIP data tomorrow
The Sensex ended 3.04 points lower at 19,663.55 after touching the day's high of 19,783.75 on hopes of fuel price hikes soon after government yesterday hiked railway passenger fares after nearly a decade.
The Sensex had shed 76 points on Wednesday.
Brokers said after the initial activity today, investors focussed on Infosys earnings and IIP data slated for release tomorrow.
"The government's decision to hike railway fares which will help in achieving fiscal consolidation, failed to enthuse investors sentiment in today's trade. Quarterly numbers especially that of Infosys will drive sentiment on Friday," said Amar Ambani, Head of Research, IIFL.
Smart gains achieved by heavyweights like ONGC, HDFC Bank, Tata Motors and ITC outweighed by falls in TCS, HDFC, BHEL and Bharti Airtel.
Any greater-than-expected contraction in IIP data will be a crucial signal for the RBI to cut rates in its third quarter monetary review polocy meeting on January 29, traders added.
Selling was seen mostly in frontline stocks while second-line counters attracted good buying support, indicating more retail participation, analysts said.
The broader S&P CNX Nifty of the NSE also eased by 2.85 points or 0.05 per cent at 5,968.65.
Shares from power, pharma, metal and capital goods attracted profit-booking while banking and refinery stocks saw some demand.
Asian stocks finished higher today on better than expected Chinese economic data. Key indices in China, Hong Kong, Japan, Singapore and
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