Markets end flat; IT stocks outperform, Gold hits all time high

The Indian markets trimmed most of its gains to end flat in trade today as profit booking weighed on the market sentiment. Both BSE and NSE shut shop nearly 3 point higher. Major Headlines Shree Cement hits 52-week high on strong Q1 nos IT sector tops the sectoral list RCom hits 52-week low Gold shines to record high of Rs31,029 Indian Indices: The key Indian indices surrendered their intraday gains in late afternoon trade, with the BSE Sensex and the NSE Nifty closing today's trade on a flat note. The intraday easing in Indian equities came in the wake of a reversal in the European markets as manufacturing data from the euro zone showed the region contracted for the seventh month in a row and also due to profit booking. Volatility was high in today's trade. The Sensex shut shop 3.36 points lower, while the Nifty gained 2.50 points in trade today. Movement of the Indian indices for the day: The Indian equities opened today session with good gains on the back of positive Asian cues. The markets today saw positive trade throughout the day. Rally on the Dalal Street was bolstered by strong buying across the board. The markets rose today due to stability in Asian markets. The Indian markets started the session in the green zone but failed to maintain it as the market erased most of its gains in the second half of trade as European market too erased its gains. Profit booking played a major role in today's session. At the closing bell, the BSE Midcap index and the BSE Smallcap index was down by 0.08% and 0.12% respectively. The BSE Sensex lost 180 points from the day's high to day's low while the NSE Nifty surrendered 55 points from the session peak. The Sensex closed flat at 17850.22 up 3.36 points or 0.02% and the Nifty ended at 5415.35 up 2.50 points. Following are the stocks/ sectors which were in news today: 1. Reliance Communications declined, on worries about the impact after the entry of Reliance Industries in the telecom sector. The internet arm of Mukesh Ambani-led RIL Infotel Broadband is planning to offer cheaper data and voice services soon. The stock closed 0.28% lower in today's trade. 2. Shares of information technology (IT) companies were in limelight today, on the bourses after minutes from the US Federal Reserve showed that the central bank's policy committee discussed a third round of quantitative easing at its last meeting. 3. Shares of airline companies slipped in late noon deals on buzz that UPA key ally Trinamool Congress strongly opposed allowing foreign direct investment (FDI) in aviation sector. 4. Ranbaxy Laboratories gained, extending its previous day's over 4% surge after the pharmaceutical firm said that it had withdrawn 27 drugs from the US market due to commercial reasons. 5. Shares in Hindustan Zinc rose on media reports that Vedanta Group is willing to increase its offer price to buy the government's remaining stakes in Hindustan Zinc and Bharat Aluminium Company (Balco). At end of the day, stock rose by 1.38%. Talking about the currency, Indian rupee rose to an over one-week high today after the euro jumped to a seven-week high on hopes of monetary easing by the Federal Reserve and as the government made it easier for companies to tap overseas funds. Gold stock: The gold prices surged today to all-time high of Rs31,029 per 10 grams as speculators indulged in enlarging positions with increase in spot demand due to wedding season. Market sentiment: The market breadth stood in favour of declines. Of the 2956 stocks traded on the BSE, 1357 (45.91%) rose, 1458 (49.32%) fell and 141 (4.77%) stocks remained unchanged. Sectoral & stock screening: Among the 13 sectoral indices, eight sectors closed in red zone while remaining five sectors closed in green zone. Top Gainers: BSE IT rose by 1.80%, BSE TECk surged by 1.36%, BSE FMCG gained by 0.88%. Top Losers: BSE Oil & Gas down by 1.05%, BSE Auto down by 0.83%, BSE CG fell by 0.76%. Among 'A' group stocks, top three gainers were- Voltas rose by 4.49%, Gujarat State Petroleum up by 4.20% and Shree Cement surged by 3.84%. Top three losers were- Opto Circuits declined by 12.27%, Adani Ports down by 4.92% and Bajaj Finserv fell by 4.28%. Global signals: Asian stock markets were mostly higher on Thursday as the investors weighed the possibility that more help for the U.S. economy from the Federal Reserve might be on the way. Stocks got a boost from the release of minutes of the last major meeting of the Fed, which showed members of its Open Market Committee favoring additional action to help the U.S. economic recovery unless substantial strengthening occurs. European shares pared early gains to turn flat today, as an initial boost from U.S. Federal Reserve stimulus comments gave way to persistent concerns over the outlook for the euro zone, highlighted again by fresh weak economic data. US stock index futures headed towards a higher opening at the Wall Street on Thursday. Market Outlook: Data to be released in the US on Thursday is: Jobless Claims, New Home Sales.