Sensex flat ahead of earning season

In a choppy trade, the BSE benchmark Sensex on Wednesday ended with a moderate gain of 11 points as investors turned cautious a day ahead of announcement of corporate results.

After a 350-point rally in the previous session, the Sensex shuttled between 16,244.70 and 16,127.77 before ending 10.77 points up at 16,175.86 points. Out of the 30 index scrips, 16 closed higher while other 14 settled down.

The broad-based National Stock Exchange index Nifty finished 11.40 points higher at 4,860.95, after moving between 4,877.20 and 4,841.60.

Brokers said market sentiment remained jittery a day before the beginning of quarter earnings led by Infosys, while some buying in fundamentally strong stocks cushioned every fall in the market.

They said market also supported by gains in retailers after the government notified 100 per cent Foreign Direct Investment in single-brand retail companies.

Infosys declined by 1.29% to Rs2,826 as funds reduced their holding before the quarter earnings on Thursday.

Reliance Industries rose by 1.80% to Rs748.35.

Tata Consultancy Services and other software exporting companies stocks fell on fears a financial turmoil in global markets might hurt their earnings. Country's software exporters get more than 60% of their revenue from the US and European markets.

While realty, metal, bank, refiners, capital goods, consumer durables, healthcare and auto sectors gained, IT, Teck and FMCG sector closed lower.

Bucking the general trend, retailer companies like Pantloon, Shopper Stop, Trent, V2 Retails and Kouton Retails rallied after the government notified 100% FDI in single brand companies.