Sensex back in the black, up 14 points

Mumbai, March 30 | Updated: Mar 31 2005, 05:30am hrs
Having shed 143 points on Tuesday, the Sensex bounced into the positive territory on Wednesday. Shares traded in a subdued fashion for most of the afternoon session before the markets closed.

The Sensex rose on buying support at lower levels in some of the old economy stocks. The benchmark index closed up 13.5 points, or 0.2%, at 6,381.4. The 50-share Nifty also gained a marginal 9.9 points, or 0.5%, at 1,993.70. The mid-cap index closed up nearly 2%.

As many as 1,686 shares advanced, 589 shares declined and 53 shares remained unchanged. On The Stock Exchange, Mumbai (BSE), the turnover was Rs 2,220.4 crore compared with Rs 2,171.89 crore on Tuesday.

The National Stock Exchange (NSE) posted a turnover of Rs 4,256.48 crore as against Rs 4,283.16 crore on Tuesday. Foreign institutional investors (FIIs) were net sellers of equities to the tune of Rs 1,724 crore on Tuesday, mainly on account of outflow from the ICICI Bank sponsored ADS.

DD Sharma, vice-president, research, Anand Rathi Securities, said, The market is in an intermediate correction phase, and it will remain in this phase until it crosses 6,550 levels. On the downside, if it breaks 6,300 levels, it could see even a low of 6000. Its the technicals that are keeping the markets down and the next trigger for the markets will be the 2006 earnings guidance. The markets have already discounted the 2005 earnings numbers.