The markets closed flat after a lacklustre session of trade. Global stocks were hit by a slew of negative economic reports coming out of the world's largest economy - the US. The Indian markets closed marginally lower but fared better than Asian and European stocks - reflecting the inherent strength in the domestic growth story.
The Sensex fell 53 points to 18,401 and the Nifty declined 9 points to 5,530. The Nifty momentarily breached the 5,545 mark, just before noon, considered by analysts as a breakout level. But it ended well below the 5,545 level giving hopes to the bears.
Overnight, the Wall Street fell 144 points after unemployment numbers rose for the fourth time in the last five weeks. Manufacturing data for the mid-Atlantic region in the US dropped fuelling further concerns about the pace of economic recovery in the world's largest economy.
IT and Teck stocks remained under selling pressure as the US is the largest market for IT companies. The IT index declined 0.94 per cent while the Teck index retreated 0.82 per cent. Infosys fell 1.24 per cent, Wipro declined 1.77 per cent and TCS fell 0.56 per cent.
FMCG stocks fell 1.02 per cent on the back of profit booking. The FMCG index had been climbing for the last five sessions. HUL declined 1.77 per cent and ITC fell 1.36 per cent.
Banking stocks saw profit booking too. ICICI Bank closed 1.78 per cent lower and SBI declined 0.79 per cent.
Realty stocks rose 1.81. DLF climbed 3.55 per cent and was the biggest gainer on the Sensex.
Healthcare stocks - considered defensive- rose 0.75 per cent. Cipla advanced 1.90 per cent. The capital goods index rose 1.37 per cent. L&T gained 2.81 per cent.
Broader markets saw some buying. The small cap and the CNX midcap indices both rose 0.12 per cent. Overall, 52 per cent stocks rose on the BSE indicating a weak breadth for the market.
On the Sensex, 9 stocks advanced and 21 declined. ICICI was the biggest drag costing the index 26 points followed by Infosys that contributed 22 points on the downside. L&T & RIL together contributed 62 points to the Sensex. Tata Motors was the biggest loser on the Sensex closing 2.41 per cent lower.
The European markets opened higher but soon pared gains and slipped into the red. At 4.20 pm, the CAC 40 in France was down 1.06 per cent, Germany's DAX fell 0.99 per cent and the FTSE in Britain declined 0.65 per cent.
Asian markets closed lower on the string of poor economic reports from the US. The Nikkei 225 in Japan fell 1.96 per cent to 9,179. The Kospi in South Korea declined 0.23 per cent and the Hang Seng fell 0.43 per cent. The Shanghai Composite in China fell 1.70 per cent.
Overnight, the Dow fell 144 points to 10,271. Trading volumes continued to be light as many investors kept away from the market putting their assets in risk averse instruments such as government bonds.
Trading in Dow futures indicated that the Wall Street was bracing for another gap down opening. At 4.20 pm, the Dow futures were trading with a discount of 55 points to 10,180.
The Sensex fell 53 points to 18,401 and the Nifty declined 9 points to 5,530. The Nifty momentarily breached the 5,545 mark, just before noon, considered by analysts as a breakout level. But it ended well below the 5,545 level giving hopes to the bears.
Overnight, the Wall Street fell 144 points after unemployment numbers rose for the fourth time in the last five weeks. Manufacturing data for the mid-Atlantic region in the US dropped fuelling further concerns about the pace of economic recovery in the world's largest economy.
IT and Teck stocks remained under selling pressure as the US is the largest market for IT companies. The IT index declined 0.94 per cent while the Teck index retreated 0.82 per cent. Infosys fell 1.24 per cent, Wipro declined 1.77 per cent and TCS fell 0.56 per cent.
FMCG stocks fell 1.02 per cent on the back of profit booking. The FMCG index had been climbing for the last five sessions. HUL declined 1.77 per cent and ITC fell 1.36 per cent.
Banking stocks saw profit booking too. ICICI Bank closed 1.78 per cent lower and SBI declined 0.79 per cent.
Realty stocks rose 1.81. DLF climbed 3.55 per cent and was the biggest gainer on the Sensex.
Healthcare stocks - considered defensive- rose 0.75 per cent. Cipla advanced 1.90 per cent. The capital goods index rose 1.37 per cent. L&T gained 2.81 per cent.
Broader markets saw some buying. The small cap and the CNX midcap indices both rose 0.12 per cent. Overall, 52 per cent stocks rose on the BSE indicating a weak breadth for the market.
On the Sensex, 9 stocks advanced and 21 declined. ICICI was the biggest drag costing the index 26 points followed by Infosys that contributed 22 points on the downside. L&T & RIL together contributed 62 points to the Sensex. Tata Motors was the biggest loser on the Sensex closing 2.41 per cent lower.
The European markets opened higher but soon pared gains and slipped into the red. At 4.20 pm, the CAC 40 in France was down 1.06 per cent, Germany's DAX fell 0.99 per cent and the FTSE in Britain declined 0.65 per cent.
Asian markets closed lower on the string of poor economic reports from the US. The Nikkei 225 in Japan fell 1.96 per cent to 9,179. The Kospi in South Korea declined 0.23 per cent and the Hang Seng fell 0.43 per cent. The Shanghai Composite in China fell 1.70 per cent.
Overnight, the Dow fell 144 points to 10,271. Trading volumes continued to be light as many investors kept away from the market putting their assets in risk averse instruments such as government bonds.
Trading in Dow futures indicated that the Wall Street was bracing for another gap down opening. At 4.20 pm, the Dow futures were trading with a discount of 55 points to 10,180.
