By IANS,
Mumbai : A benchmark index for Indian equities Monday closed on a flat note, giving up intra-day gains garnered on the back of a truce between the warring brothers Mukesh and Anil Ambani.
The two Reliance groups led by Mukesh and Anil Ambani announced Sunday they are ending non-compete agreements, other than on gas-based power generation, in a step that would lead to cooperation between the two groups.
The stock markets cheered the news with stocks from both business houses rising.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,494.61 points, touched an intra-day high of 16,494.61 points, while the 50-share S&P CNX Nifty of the National Stock Exchange rose to 5,029.55 points.
The Sensex, however, tapered off around closing bell to shut shop at 16,469.55 points, 23.94 points or 0.15 percent up from its previous close at 16,445.61 points.
The Nifty too pared its gains to close at 4,943.95 points, up 0.26 percent from its previous close at 4,931.15.
Broader market indices ended mixed, with the BSE midcap index closing 0.02 percent up and the BSE smallcap index ending 0.61 percent higher.
Realty, metals and auto stocks faced bulk of the selling pressure, while, led by Reliance Industries, oil and gas scrips rose.
The market breadth was positive with 1,675 stocks advancing, compared to 1,154 on the decline, while 99 remained unchanged.
Among the gainers on the 30-scrip Sensex were Reliance Communications, up 10.87 percent at Rs.147.90; Reliance Infra, up 6.23 percent at Rs.1,050.05; Reliance Industries, up 2.58 percent at Rs.1,021.45; and Hero Honda, up 1.31 percent at Rs.1,882.50.
Prominent losers included Hindalco, down 3.93 percent at Rs.145.60; Grasim Industries, down 2.43 percent at Rs.2,393.30; DLF, down 2.21 percent at Rs.263.25; and M&M, down 1.88 percent at Rs.529.30.
Confidence was absent in other Asian markets, with traders seeking to reduce risky positions while waiting for clear indications that the European crisis would not result in another global financial meltdown.
The Japanese Nikkei ended 0.27 percent down at 9,758.4 points, while the Shanghai Composite index closed 3.48 percent higher at 2,673.42 points.
Hong Kong’s Hang Seng shut shop 0.62 percent higher, while the South Korean Kospi ended the day with a 0.3 percent gain at 1,604.93 points.
European markets were still anxious over the ramifications of the Euro zone debt crisis.
Britain’s key index FTSE 100 was down 0.67 percent at 5,029.1 points.
The French CAC 40 too was trading 0.46 percent lower at 3,415.08 points and the German DAX was at 5,750.28 points, down 1.35 percent.