Sensex loses gains to end flat; JP Infratech up 8%

Sensex, despite maintaining gains through the day, turned flat towards the end of the trading session. It ended up just 32 points at 16020 while Nifty ended up 15 points at 4863.

The capital goods index maintained its upside and ended up 2 percent, leading the indices. It was mainly helped by buying in Larsen and Toubro (up 3 percent), Havells India (up 3.5 percent), Crompton Greaves (up 2,5 percent) and Alstom Projects (up 2 percent).

Shares of ITC (-1.9 percent), Tata Motors (-3.2 percent) and Bharti Airtel (-2.6 percent) extended losses. Even ICICI Bank turned negative by the end of the day losing all its gains. However, while RIL, SBI and TCS stayed strong.

JP Infratech gained 8 percent after it was reported that its Yamuna Expressway might begin soon around July 1. However company officials told CNBC-TV18 that the timeline for the commissioning of this project has not yet been finalised though the project is, of course, ready for commissioning. The officials added that the toll plaza too have been ready for commissioning and the company is just awaiting Uttar Pradesh government’s notification with regard to the toll rates and the speed limit for this expressway project.

Wockhardt was the next big gainer up 6 percent in today’s trade.

Mphasis hit its four month low and ended down 5.5 percent over the concern of investors about the company’s future prospects. The company has been facing pressure for not getting enough orders through its parent HP. Apollo Tyres was the next big loser down more than 4 percent.

Chief Economic Adviser Kaushik Basu however is optimistic about India’s growth in this financial year. India’s fourth quarter GDP came at a dismal 5.3 percent taking the overall 2011-12 growth numbers to lower-than-expected 6.5 percent. Basu however feels India will get back to 7.6 percent growth for 2012-13.