Markets close flat as investors show caution
Auto, capital goods and consumer stocks pulled the key indices lower
Benchmark indices closed flat today as investors were cautious ahead of key corporate earnings’ results later this week.
Auto, capital goods and consumer stocks pulled the key indices lower. Sentiment was subdued as broader Asian shares stepped back from their 2007 high.
The rupee and 10-year bond prices fell for the third session on worries of fiscal slippage.
Rise in international crude oil prices also contained the surge.
The BSE market breadth was bearish as 1,603 stocks declined compared to 1,325 advances.
The Sensex closed flat at 34,433.07 points after hitting the day's high of 34,565.63 points.
TCS, Wipro, HCL Tech, Tech Mahindra and Coal India shares helped the benchmark Nifty index to close flat despite 33 stocks declined against the 17 advances.
Stocks of Oil and Natural Gas Corp rose after a surge in international crude oil prices.
On Tuesday, the key indices closed at fresh highs with subtle gains on the back of positive global cues and optimism over the upcoming quarterly earnings result season.
The Nifty50 rose 13.40 points to close at 10,637 points, while the Sensex closed at 34,443.19 points, up 0.26%.