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Early gains not held on BSE

MUMBAI: The Sensex on Tuesday ended flat after scaling another historic peak at 7385.69 during early trade as the overheated market adjusted downwards taking a breather from the recent volatility. The BSE benchmark 30-share index opened steady at 7348.60 and later fluctuated between 7385.69 and 7317.85 before ending at 7346.63 against 7347.10. The market failed to maintain the day's higher levels after domestic investors turned scrip-specific adopting cautious approach in the latter part of the session as foreign institutional investors shifted their focus to mid-cap and small-cap scrips.

Foreign institutional investors were believed to be engaged in selective purchases. They have reported net investments of Rs. 204.60 crore on Friday, taking their total investments last week to Rs. 1,473.70 crore.

Operators reportedly were seen covering short positions in the derivatives segment, besides making some commitments in blue chip counters, brokers said. REL suffered a marked setback despite the company's announcement of encouraging first quarter working results. Key counters such as Reliance, State Bank, Tata Steel, Wipro, Tata Motors, Maruti Udyog, HDFC Bank, BHEL and HDFC recorded smart gains. — PTI

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