 "Volatile Sensex pares losses to end flat, Bharti Airtel top gainer")
Indian equity markets ended flat to pare most if its losses after it shed 200 points in morning trade.
While the Sensex ended today’s session at 19345, down 2 points from its previous close,led by gains in Bharti Airtel, Wipro, Dr Reddy’s and Hindalco.
NTPC , HDFC Bank, ICICI Bank, HUL and ITC were among the major Sensex losers.
The Nifty shut shop 13 points lower at 5742.
“The market thought it was probably too soon for the central bank to make such dovish statements,” Nizam Idris, head-fixed income and currency strategy, Macquarie said in an interview to CNBC-TV18.
Additionally, Idris said that the Indian currency may weaken further to 62 against the dollar before the RBI announces a new slew of rupee volatility curbing measures.
The rupee pulled back and was trading at 60.90 after Finance Minister P Chidambaram listed out a host of measures to decrease the volatility in the forex market.
[caption id=“attachment_1000269” align=“alignleft” width=“380”]  AFP[/caption]
Meanwhile the Reserve Bank of India today said it willconsider bond sales to further drain cash and will “only” roll back current steps to defend the currency in “a calibrated” manner when volatility in exchange rates have subsided, Governor Duvvuri Subbarao said today.
Stocks in news
Bharti Airtel improving domestic operating performance raised hopes that the battered sector is taking a turn for the better even as the company posted a 14th consecutive quarter of falling profit. The stock ended 7.3 percent higher.
HCL Tech ended 3.52 percent higher after its Q1 earnings beat estimates.Consolidated net profit for the fiscal fourth quarter ended June 30 rose to Rs 1210 crore from Rs 853.9 crore a year earlier on the back of order wins, HCL Technologies said today.
Strides Arcolab fell 15 percent as the drug company has submitted its response to observations made in June by the US Food and Drug Administration about its drug factories, the company’s chief executive said, reports Reuters.
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