Sensex ends flat

ICICI Bank gains on Q4 net

Sensex has ended (provisional) at 17,127 - down three points. Nifty ended flat at 5,186.
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(Updated at 1432 hrs)

Markets are trading in the red in late-noon trades. The Sensex has slipped 56 points at 17,074. Nifty is down 15 points at 5,174. Markets gave off morning gains after bourses in Europe opened weak.

In Asia, Japan's Nikkei share average ended lower in choppy trade and closed out its worst April since 2005 on Friday, after the Bank of Japan's move to boost its bond buying failed to ignite lasting confidence among investors over the fragile economy. The Nikkei shed 0.4% to 9,521. Hang Seng and Shanghai Composite also dipped 0.3% each.

BSE realty index has slipped nearly 2% to 1,645. Metal and PSU shares also witnessed selling pressure with the indices slipping around 1% each. However, BSE IT index has gained 0.8% at 5,546.

ICICI Bank has surged 3% to Rs 866 following its quarterly results. The bank reported better-than-expected 31% year-on-year (y-o-y) growth in net profit at Rs 1,902 crore for the fourth quarter of FY12, due to higher operational and other income.

Analysts on average expected the private sector lender to report a profit of Rs 1,743 crore against Rs 1,452 crore in the corresponding quarter of previous fiscal.

However, other banking majors - SBI and HDFC Bank dipped 1-1% lower in trades. Coal India shed 2.5% to Rs 350. DLF was down 2% at Rs 178. Dr Reddy's is all set to replace DLF on the Sensex from June 11,2012.

Metals hares were in the red. Tata STeel, Jindal Steel and Sterlite were down around 1.5% each. Other losers included Bajaj Auto, Bharti Airtel and ITC.

Market heavyweight, Reliance, slipped 0.7% to Rs 739. RIL has reported natural gas production from its eastern offshore KG-D6 fields dropping to less than 34 million standard cubic meters a day.

Meanwhile, Hindalco, Mahindra & Mahindra and Infosys have gained around 1% each. Gail has advanced 1% after touching its 52-week low on Thursday.

BSE market breadth is negative. Out of 2,789 stocks traded, 1,592 shares have declined while 1,081 shares have advanced.