Markets end flat amid volatility; Infosys up 3%

The 30-share Sensex ended up 1 point at 27,459 and the 50-share Nifty ended down 1 point at 8,341.

Markets ended flat, amid a volatile trading session, led by Infosys and a rebound in bank shares even as select index heavyweights capped upside gains.

The 30-share Sensex ended up 1 point at 27,459 and the 50-share Nifty ended down 1 point at 8,341.

"Markets are in a oversold zone which has added to the volatility.

Meanwhile, both the Sensex and Nifty continue to trade below their crucial support levels. Further, investors are not committing large positions in view of the trading holidays next week.

However, markets could rebound the week after as companies announce fourth quarter earnings," said Alex Mathews, Head of Research, Geojit BNP Paribas Financial Services.

Meanwhile, foreign portfolio investors turned net sellers in equities worth Rs 521 crore on Thursday, as per provisional data.

They were net buyers in the previous six trading sessions.

The Indian rupee was trading marginally higher to the US dollar at 62.58 compared to the previous close of 62.67.

Further, the government today lowered the price of domestically produced natural gas by over 10% to $5.02 per mmBtu from $5.6 per unit, the first ever reduction in the rates of the fuel. The new price will be effective from April 1.

LEADERS & LAGGARDS

BSE IT, Bankex and Capital Goods indices were among the top gainers while Healthcare,

Realty, FMCG, Oil and Gas indices were among the top losers. IT majors ended higher after global consulting major Accenture Plc raised its full-year revenue growth forecast for the current year.

Infosys gained nearly 3% while TCS gained 0.3%.

However, Wipro ended down 3.6%. Larsen and Toubro (L&T) gained 2.8% after the company said it has won orders worth of Rs 1,711 crore across various business segments in March 2015. Bank shares rebounded on shortcovering at lower levels after the sharp fall on Thursday.

The Bank Nifty which had hit a three-month low ended 1.2% higher.

ICICI Bank, SBI and HDFC Bank ended up 1-2.8% each. Tata Motors rose 1.5%.

The board approved rights issue in the ratio of 6 equity shares for every 109 held at Rs 450 per share and Rs 271 per share for 'A' Ordinary Share along with buyback of secured debentures worth Rs 1,250 crore maturing on March 31, 2016. Reliance Industries ended down 2.5%.

The government today lowered the price of domestically produced natural gas by over 10% to $5.02 per mmBtu from $5.6 per unit, the first ever reduction in the rates of the fuel.

However, ONGC ended flat with positive bias.

In the defensive space FMCG majors ITC and Hindustan Unilever ended down over 1.7% each while pharma shares which had gained recently witnessed profit taking. Sun Pharma, Dr Reddy's Labs and Cipla ended down over 1.2% each.

Telecom stocks ended lower on concerns that high cost of spectrum acquisition could impact earnings going forward.

Bharti Airtel, Idea Cellular and Reliance Communications ended down 4-6% each. Among other shares, RPG Life Sciences rallied 5% after the promoter of the pharmaceutical company buying shares through open market.

In the broader market, the BSE Mid-cap index ended flat with positive bias and the Small-cap index ended down 0.3%. Market breadth ended weak with 1,787 losers and 1,051 gainers on the BSE.