Mumbai: The NSE Nifty closed flat with a mild cut on expiry session after showing a recovery in last hour of trade, managing close above the 200 daily moving average of 5151 that touched during the day. Banks, FMCG, telecom and technology stocks stayed lower while auto and power stocks gained.
The BSE benchmark fell 63.01 points or 0.37 per cent, to close at 17,058.61, after hitting intraday low of 16,920.61 due to weak global cues. Meanwhile, the NSE benchmark slipped 15.90 points to 5,178.85.
Siddharth Bhamre of Angel Broking said he might see initial part of April going towards 5000 levels on the Nifty. Accordingly he advised avoiding long positions now.
The March series was quite bad for the market as compared to previous two strong series on heavy inflow of foreign money. The Nifty tanked over 5 per cent in March series while gained 16-18 per cent in January and February series. Confusion over the General Anti-Avoidance Rules, less optimistic Union Budget FY13, rollback of rail fares, weak political situation and less hopes of rate cut in April forced the market to shed gains.
According to Deepesh Pandey, Head - Investments of IIFL Capital Pte, uncertainty over the tax situation post GAAR issue should have lingering impact on the market as there is no clarity on the possible tax impact.
State-owned Bharti Heavy Electricals, which plunged 20 per cent in March series, fell 1.35 per cent today while engineering and construction major Larsen & Toubro fell 2 per cent.
FMCG majors ITC and HUL, which shot up 5-8 per cent in the series, declined nearly 1 per cent.
Country's largest lender State Bank of India was down 1 per cent while its rivals HDFC Bank and ICICI Bank were down 0.4-0.55 per cent.
Shares of Bharti Airtel, country's largest telecom player tumbled 1.6 per cent after The Financial Express reported that the Department of Telecom is set to impose Rs 1000 crore fine on Airtel, Vodafone, Idea for violating 3G licence conditions. Idea Cellular too was down 1.6 per cent.
Tata Consultancy Services and Infosys, top IT services exporters plummeted 1.7 per cent whereas rival Wipro gained over 1 per cent.
Drug maker Ranbaxy Labs topped the buying list, rising 6.5 per cent while Sun Pharma and Dr Reddy's Labs were moderately higher.
Shares of Jindal Steel shot up 4 per cent and Tata Power gained 3 per cent. State-run oil & gas producer ONGC rose 1 per cent.
Auto stocks like Maruti Suzuki, Hero Motocorp and Bajaj Auto rallied 1-1.5 per cent; Tata Motors gained just 0.26 per cent while M&M lost 0.6 per cent.
The market breadth turned positive in late trade; advancing shares outnumbered declining by 815 to 626 on the National Stock Exchange.
Global markets were down today on weak US and European economic data. European markets like France's CAC, Germany's DAX and Britain's FTSE fell around 1 per cent. Asian markets too closed lower, falling 0.7-2 per cent.
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