Sensex remains flat ahead of uncertainty over Budget

Mumbai, Feb 25 | Updated: Feb 26 2005, 06:22am hrs
Investors chose to remain cautious ahead of the Budget on Friday. The Sensex continued to trade in a narrow range before ending lower by 4.5 points, or 0.07%, at 6,569.7.

Though the Nifty ended on a flat note, it recorded a marginal gain of 5.5 points, or 0.27%, to close at 2060.9. The gain was on account of stocks like Gail India (up 3.37% at Rs 242), Dabur India (up 3.47% at Rs 116.30) and HCL Technologies (up 1.21% at Rs 330.10) which do not form part of the Sensex.

Tata Consultancy Services (TCS) which replaced Indian Hotels as a Nifty component, closed lower by 0.29% at Rs 1,364.1. TCS enjoys a weightage of 6.8% as against Indian Hotels which weighed 0.3% till Thursday.

Turnover on the National Stock Exchange (NSE) dropped to Rs 4,941.9 crore on Friday as against Thursdays turnover of Rs 5,389.8 crore. Turnover on The Stock Exchange, Mumbai (BSE) was Rs 2,192.2 crore as against Rs 3,433.5 on Thursday.

The market breadth was negative as about 1,615 shares declined, 811 shares advanced and 60 shares remained unchanged. FIIs remained buyers to the tune of Rs 41.5 crore on Thursday. Gail India and ONGC (up 3.10% at Rs 842.35) rose on reports that the Centre may waive subsidy burden from the next fiscal.

While investors booked profits in select real estate stocks, others like IVRCL Infrastructure (up 5.49% at Rs 389.35) and Gammon India (up 3.15% at Rs 889), among others, continued to gain ground.

Hero Honda (down 2.99% at Rs 520.50), Reliance Energy (down 2.09% at Rs 551.10), Zee Telefilms (down 2.07% at Rs 144.40), HDFC (down 1.85% at Rs 757.20), Hindustan Lever (down 1.65% at Rs 140.50), Reliance

Industries (down 1.23% at Rs 539.90), HDFC Bank (down 1.18% at Rs 569.30), Dr Reddys Laboratories (down 1.06% at Rs 711.35), HPCL (down 1.05% at Rs 343.85) and SBI (down 0.83% at Rs 685.25) were the top losers in the Sensex.