After paring the early hour gains of nearly 200 points the markets on Tuesday ended the day flat below the 15K levels. Before winding up at 14,903.03 points, the 30-share Sensex of the Bombay Stock Exchange (BSE) could manage to add up only 29.74 points, or 0.20%. While the broader index S&P CNX Nifty of the National Stock Exchange (NSE) too closed the day flat at 4,356.35 points, up 16.85 points or 0.39%.
According to market experts, the early morning gains were mainly due to surge in US markets on Monday, which got a boost on speculation that US Federal Reserve may take steps to reassure investors that troubles in the sub-prime mortgage market won?t slow economic growth. ?There would be uncertainty in the markets on account of global cues. However, if the markets are able to hold up above the 14K levels than the recovery would be fast. But Tuesday?s movement shows the amount of selling pressure that the markets are witnessing,? said Ajay Padval, head PMS KR Choksey Securities.
Some of the players also opine that profit taking emerged as investors turned cautious ahead of the crucial FOMC meeting.