Markets end flat amid volatility; Tata Power slumps 7.5%

The 30-share Sensex ended down 32 points at 28,851 and the 50-share Nifty closed 12 points lower at 8,712.. 

Benchmark indices ended flat, amid a volatile trading session, as investors booked profits in ICICI Bank and sell-off in Tata Power

The 30-share Sensex ended down 32 points at 28,851 and the 50-share Nifty closed 12 points lower at 8,712.

Meanwhile, foreign institutional investors continue to remain net sellers to the tune of Rs 83.80 crore on Wednesday, as per provisional stock exchange data.

The Indian rupee was trading lower at Rs 61.84 compared with the previous close of Rs 61.75 tracking losses in equities.

BSE Power index was the top loser down 2.8% followed by Realty, Metal, Consumer Durables, Auto and Healthcare indices among others.

However, BSE IT index was the top gainer up 2.1% followed by FMCG index. Tata Power was the top Sensex loser down 7.5%.

The company reported a Rs 198-crore consolidated net profit in the quarter of this financial year.

It had reported a Rs 75-crore loss last year.

The company reported other income of Rs 515 crore due to a Rs 421 crore gain on account of exchange rate fluctuation.

Oil shares ended lower on profit taking after recent gains following rebound in global crude oil prices.

Reliance Industries and ONGC ended down 07-3.4% each.

Sesa Sterlite which had gained in the previous sessions on the back of rebound in global iron ore prices ended down 4% while Hindalco lost nearly 3% and Tata Steel slipped 2.4%.

Bharti Airtel ended down 1.7%. A surge in mobile data revenues helped Bharti Airtel it to more than double its consolidated net profit to Rs 1,436 crore in the financial year's third quarter ended December 2014 Financial shares firmed up after remaining subdued post RBI's status quo on interest rates.

Mortgage lender HDFC was up 3.7% while bank shares such as HDFC Bank, Axis Bank and SBI ended up 1-3% each. However, ICICI Bank ended down 2.5%.

IT shares ended higher tracking better-than-expected numbers in the fourth quarter as well as the accounting year ended December 31 by IT Services Company Cognizant posted on Wednesday.

It gave a robust growth forecast for the next year. Infosys, TCS, HCL Tech and Wipro were up 2-3% each. Tata Motors ended down 0.6% ahead of its results later today.

Among other shares, KEC International ended down 10% after the sales declined 14.15% to Rs 1,586.79 crore in the quarter ended December 2014 as against Rs 1,848.43 crore during the previous quarter ended December 2013.

Aurobindo Pharma ended down 4% after posting an 8% decline in net profit to Rs.384.4 crore for the quarter ended December on the back of higher expenses and a drop in sales of active pharmaceutical ingredients.

Ramco Systems surged 13% after reporting a net profit of Rs 8.03 crore in the quarter ended December 2014 as against net loss of Rs 5.49 crore during the previous quarter ended December 2013.

Novartis India ended down 5.5% after the pharma major reported a loss of Rs 1.18 crore for the quarter ended December 2014 compared with a profit of Rs 15.20 crore for the same quarter last fiscal.

In the broader market, the BSE Mid-cap and Small-cap indices ended down 1.3% each.

Market breadth ended weak with 1,871 losers and 1,027 gainers on the BSE.