Mumbai, April 11 (IANS) Key equity indices closed on a flat note on Thursday over concerns of global growth after the International Monetary Fund cut the global growth forecast. Caution was also seen in view of the first phase of general elections.
Besides, analysts said that markets were largely dull as investors were cautious ahead of the beginning of the fourth quarter results.
Banking sector stocks witnessed heavy selling pressure while the IT sector also declined. However, auto stocks gained.
The BSE Sensex settled 21.66 points or 0.06 per cent higher at 38,607.01 while the Nifty finished 12.40 points higher or 0.11 per cent at 11,596.70.
“Market was range bound and finally settled with minor gains as investors stayed cautious at the start of the initial phase of polling and remained watchful ahead of the announcement of CPI and IIP data on Friday. Pick up in auto sales aided the sector to gain investor’s attention,” said Vinod Nair, Head of Research, Geojit Financial Services.
On the global front, Nair said economic growth remains a concern but Fed minutes reiterating the dovish view on rates will provide support to emerging markets like India.
TCS and Infosys both finished lower ahead of its earnings results on Friday. With the two results, fourth quarter results will begin.