Sensex ends flat; heavyweights RIL, DLF extend gains

Indian equity markets ended flat even though index heavyweights including RIL and DLF closing the day with 4 percent gains each.

Sensex closed at 19642.75, up 0.04 percent and the Nifty closed at 5943.05, up 0.06 percent.

On the economy front, India is unlikely to achieve its $350 billion export target in the current fiscal year that ends in March, Commerce and Industry Minister Anand Sharma said on Wednesday. Sharma said India hopes to achieve exports of around $300 billion during the fiscal, he said.

[caption id=“attachment_632917” align=“alignleft” width=“380”]  Reuters[/caption]

Additionally, falling for the second straight month, India’s foreign direct investment (FDI) inflows declined nearly 19 percent to $1.10 billion in December 2012 due to global economic uncertainties.

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In an interview with CNBC TV18,Peter Elston, Head of Asia Pacific Strategy & Asset Allocation, Aberdeen Asset Management Asia said “In terms of the Indian economic picture, it seems to be showing some sort of tentative signs of improvement whether that is exports that have started to bounce back, whether the rate of increase in wholesale prices is still declining. On the Budget deficit side, there are tentative signs that that is showing an improvement as a result of various measures such as the deregulation of diesel prices.”

Stocks in news

Kingfisher Airlines extended gains and closed up 5 percent after the company said that it will meet with the DGCA to discuss revival plans.

RIL closed up 3 percent after the company said it will invest over $5 billion in the next three to five years with UK partner BP to boost declining output at its KG-D6 fields.

Sail closed up 0.38 percent after CNBC-TV18 quoted finance ministry sources said the SAIL board will consider a buy-back of equity shares on Feb 25.

DLF closed up 4 percent, extending a recent rally on continued hopes of an earnings recovery. The property developer has gained more than 12 percent so far this week.

Welspun closed down 5 percent after National Stock Exchange excluded the company’s shares from trading in the futures and options segment from April 26, without giving a reason.