Flat closing ahead of Jan F&O expiry

Mumbai: Markets ended on a flat note with a caution as the January derivative contracts to end on Thursday and the expected outcome from US Fed meet. Experts consider that the market is now moving on a consolidate mode as Nifty, technically, to have key resistance at 7,625 level. Hence, the long term outlook for the market remains to be positive, they say but added that the current rally is just a relief rally.

While Sensex gained 6 points to close at 24,492 and Nifty gained just 2 points to end at 7,438. Meanwhile, the broader markets maintain similar trend with midcap and smallcap indices closed higher by 0.5 per cent each. On the sectoral front, all the sectors have reported in green expecting bank index.

The heavyweights like NTPC, Dr Reddy's, Tata Motors and Tata Steel are top gainers reporting a growth up to 4 per cent. From auto pack, Tata Motors gained 1.5 per cent and Maruti Suzuki was up by 0.5 per cent. Similarly, Sun Pharma gained about 1 per cent as its subsidiary, SPARC, plans a rights issue, which surged 13 per cent. On banking front, PSU banks surged with UBI, OBC, Allahabad Bank, Canara Bank, SBI, PNB etc have gained up to 2 per cent.

The gainers: NTPC, up 4.10 per cent at Rs 143.40; Dr Reddy's Lab, up 2.38 per cent at Rs 2,967.70, Sun Pharma, up 1.67 per cent at Rs 821.30, Tata Steel, up 1.46 per cent at Rs 257.55; and Tata Motors, up 1.28 per cent at Rs 337.15.

The losers: BHEL, down 4.12 per cent at Rs 139.60; Asian Paint, down 2.13 per cent at Rs 858.70; Hindustan Unilever, down 1.78 per cent at Rs 767.75; Hero MotoCorp, down 1.54 per cent at Rs 2,482.05 and Adani Ports, down 1.37 per cent at Rs 215.40.