Steady Sensex ends flat...Nifty holds above 5500

After three straight days of solid gains, the Indian markets ended flat on Friday, as investors decided to take a pause after the post-Budget rally. Markets started off with a gap up opening in the morning, tracking strong cues from the overseas markets, especially Wall Street. US stocks had their best day in three months after the weekly jobless claims hit nearly three-year low. Asian and European markets extended their gains today, notwithstanding concerns over the Middle-East tension and its impact on oil prices. However, as the day progressed, the benchmark Indian indices were unable to hold on to their gains.



Capital Goods, Metals and FMCG stocks were among the major laggards which kept the NSE Nifty above the 5500 levels. The BSE Mid-Cap and the BSE Small-Cap stocks were under pressure. On the other hand, Banking, Auto and Realty stocks were in demand.

"Technical indicators are positive. The Nifty has managed to stay above 5500, and if all goes well it might re-test 5655 shortly, which corresponds to 200 DMA. On the other hand, crude oil remains fairly elevated and won’t cool substantially unless there is material easing of tensions in the Middle-East. With the US markets in rally mode, investors are closely keeping track of developments there. In that context, the monthly jobs data will be an important data point to consider,"says Amar Ambani, Head of Research (India Private Clients) - IIFL.

The BSE Sensex ended flat at 18,486 and the NSE Nifty closed flat at 5,538.

The European markets were trading in the green, the FTSE index was up 0.6%, CAC index was up 0.9% and DAX index also was up 0.8%.

Outside the frontline indices, the big losers in the broader market were IVRCL Infra, Dish TV, Voltas and Uco Bank. On the other hand, gainers included Opto Circuit, Shriram Trans, Engineers India and Idea.