Market ends in green , 18 MARCH-08

A rebound on the bourses after yesterday's sharp slump proved short lived as the Sensex gave up most of its intra-day gains in choppy trade. The market registered small gains for the day. The market had surged in afternoon trade after reports of top corporates paying higher advance tax in the fourth installment of 15 March 2008, raised expectations of good Q4 March 2008 results. Firm European markets had also aided the rally. The market had witnessed a bout of volatility earlier in the day.

Index heavyweight Reliance Industries (RIL) declined. Hindustan Unilever and DLF were major gainers from Sensex pack. Jaiprakash Associates and Tata Steel were major losers from the Sensex pack. The market breadth was weak. Asian markets which opened before Indian market, were mostly in green.

The 30-share BSE Sensex rose 23.97 points or 0.16% at 14,833.46.

S&P CNX Nifty ended up 29.9 points or 0.66% at 4,533.

The US Federal Reserve is widely expected to slash its benchmark interest rate, currently at 3% at its policy meeting later in the day. Fed funds futures are reflecting expectations the US central bank will cut its key fed funds rate by 100 basis, with an outside change of 125 basis-point cut. The move would further widen the interest rate differentials between the United States and Asian countries, which could in turn help spur capital inflows into the region.

As per the provisional figures on NSE, foreign institutional investors sold shares worth Rs 1,011.05 crore today, 18 March 2008 and domestic funds bought shares worth Rs 177.33 crore.