Sensex closes flat at 20,206 points

Written by Markets Bureau | Mumbai, Dec 28 | Updated: Dec 29 2007, 06:00am hrs
The Indian stock markets ended on a flat note on Friday in line with the Asian markets, which in turn fell on the back of weak cues from the American markets. Initial risk perceptions of geo-political concerns after the assassination of former Pakistani Prime Minister Benazir Bhutto melted down as the day proceeded. The 30-share Sensex of the Bombay Stock Exchange (BSE) lost 9.77 points or 0.05% before closing at 20,206.95 points while the broader S&P CNX Nifty of the National Stock Exchange (NSE) lost 1.8 points or 0.03% before closing at 6,079.70 points.

Amitabh Chakraborty president Religare Securities said, The markets opened on a negative note mainly on back of weak international cues. The news from Pakistan may come as a blessing in disguise to the Indian markets as the money heading into Pakistan may now be routed into India.

However, massive long positions were built in the mid and the small cap companies and they once again managed to outperform the heavy weights. The BSE Small Cap Index actually touched its all time high of 12,909.82 points before finally closing the day for 12,901.29 points gaining 272.55 points or 2.16%. The BSE Mid Cap Index gained 145.71 points or 1.55% to close at 9,574.57 points. Due to heavy buying in the small- and mid-cap companies, the overall market remained bullish with 2,270 companies gaining in price as against 651 companies which fell, while stock of 32 companies remained unchanged.

According to the provisional data available from the stock exchanges (SE) on Friday the Foreign Institutional Investors (FIIs) were net buyers to the tune of Rs 653.76 crore while the Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 166.69 crore. Among the sectoral indices, all except IT, Teck and auto ended in green. The BSE CD (Consumer domestic) index led the way gaining 262.90 points or 4.15% to close at 6,602 points. This was followed by BSE Realty which gained 471.10 points or 3.90% to close at 12,551.26 points.