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Live: Market bounces off record highs to trade flat

12:00

The News International Team

12:30 pm: Indices are steady in noon trade with the Sensex up 23 points at 28201, and the Nifty up 3 points at 8434.

Buyers are focused on power, metal, banking, healthcare and auto stocks. Consumer durables, IT, FMCG and realty continue to be out of favour.

The recession in Japan and the likely implications for an already sluggish global economy has tempered the excitement a bit. Still, investors are hopeful of making good returns on mid-cap stocks even as most of those have run up quite a bit.

The clamour for rate cut has got louder with the Finance Minister too throwing his weight behind those urging the RBI to yield. But the majority view among economists is that the central will not cut rates anytime soon, at least not at its December meet for sure.

12:00 pm: Stocks gave up early gains to trade close to the flat line continued to trade marginally close to the flat line, after markets created a fresh high in morning trade.

At noon, the BSE Sensex was up 0.09 percent, or 25 points, to 28,200 while the Nifty was up 0.02 percent, or 2 points, to 8,432.

The consolidation came after the rupee fell 0.1 percent in forex trading to 61.8 to the US dollar, a one-month low, following the release of trade balance data yesterday that showed exports had fallen to their lowest since April.

Mid and small caps outperformed frontline indices with a 0.6 percent and 0.9 percent gain, respectively.

Among sector gainers in early trading, were logistics, sugar and rubber stocks, rallying 5 percent to 6.5 percent while jewellery and fertilizer stocks witnessed selling.

In frontline stocks, Sesa Sterlite, Bharti Airtel and PNB were up 2 percent to 3 percent while Cipla, DLF and HDFC fell 1 percent to 2 percent.

FTIL, SpiceJet, Moser Baer and FIEM Industries rose following individual news in the counters.

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