Markets end flat; Maruti, Bharti surge

Indian markets were subdued and stayed range bound in trade today, despite firm markets in Europe and Asia.

The Sensex ended the day higher by 29 points, while the Nifty closed lower by 2 points. Among the gainers in trade today were automobile stocks including Maruti and Mahindra and Mahindra which rallied on hopes of higher sales during the festive season. Two-wheeler stocks,too, gained with HeroMotorCorp and Bajaj Auto among the winners. Other prominent Nifty gainers were ITC and Cairn India.

Among the index losers were IDFC, Lupin, Tata Power and Asian Paints.

Non index stocks which gained was Jagatjit Industries after reports that the company was buying scotch brands of Sinclairs.

Banking stocks were subdued in trade today with ICICI Bank, HDFC Bank and State Bank of India ending the day virtually unchanged.

Cigarette to Hotel major ITC, rallied smartly today with a jump of more than 2.5%, as investors stuck to defensives.

Meanwhile, markets in Europe were trading significantly higher on hopes that the fiscal cliff in the US would be resolved. The German DAX and the French CAC were both trading almost 1% higher in trade.

Indian Markets are expected to remain volatile, as global worries, including the fiscal problems in the US and Europe remain a concern.

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