Sensex rebounds in last hour to close flat

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    Indian markets rebounded smartly from the day’s losses to end flat. The action in the last hour of trading before the markets closed for the week saved the day. Earlier in the day markets were spooked by renewed concerns for European debts, which pulled the markets down. Asian stocks closed in the red, except for the Shanghai Composite index rose 0.7%.

    The 30-scrip Sensex ended the day at 15,867.73 points, or at a gain of 10.65 points or 0.07%. The market had opened at 15,789.08 points. The broader based 50-share index Nifty of the NSE ended the day at 4,754.1 points, up 0.09% or at a gain of 4.15 points from its previous close.

    The rebound was reflected in the broader market with the BSE 500 closing flat. The market breadth with 1,435 stocks gaining, as against 1,297 falling, was positive.

    RIL, HDFC and Maruti Suzuki were prominent gainers today. RIL advanced 2.52%  at Rs.716.90; while HDFC Bank, gained 2.25% at Rs.452.50; Maruti Suzuki, rallied 1.76% at Rs.949.15 and ITC, up 1.23 percent at Rs.202.10.

    Losers included Hero MotoCorp, down 5.12 percent at Rs.1,735; Jaiprakash Associates, down 4.58 percent at Rs.53.15; Bharti Airtel, down 4.11 percent at Rs.330.20 and Jindal Steel, down 3 percent at Rs.466.25.

    According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors bought stocks worth $104.07 million Friday.

    The Japanese Nikkei moved down 1.16 percent and closed at 8,390.35 points. Hong Kong’s Hang Seng fell 1.17 percent to end at 18,593.06 points.

    However, the Chinese Shanghai Composite index rose 0.7 percent to close at 2,163.39 points after major government institutions bought banking stocks to support the market. The index however closed 1.6 percent lower for the week — its ninth straight loss making week.

    European markets were ruling in the green but concerns remained on the banking problems within many of the zone’s countries.

    Britain’s FTSE 100 was ruling 0.37 percent up at 5,644.95 points, while the German DAX was trading 0.6 percent higher at 6,132.76 points.

    IANS