Volatile market ends flat

The BSE Sensex swung between gains and losses today. ICICI Bank led declines after neighbouring Pakistan's former prime minister Benazir Bhutto was assassinated, increasing concern over the stability of the nuclear-armed nation that's a hub of the war on terrorism.

"Markets could remain volatile for a few days after the turmoil in the neighboring country,'' said Sandip Sabharwal, chief investment officer, JM Financial Mutual Fund, which oversees the equivalent of $1.1 billion in equities.

Reliance Energy gained after the Securities and Exchange Board of India (Sebi) rejected objections to the initial share sale of its unit.

The Sensex slid 9.77, or 0.1 per cent, to 20,206.95. It earlier rose as much as 0.2 per cent. The index rose 5.5 per cent in the week and is set for a 47 per cent gain this year, matching a similar gain last year.

Markets will remain open on December 31. The S&P CNX Nifty Index on the National Stock Exchange fell 1.80, or less than 0.1 per cent, to 6,079.70.

The Bank of New York India American Depositary Receipts Index, which tracks US-listed shares of Indian companies, slumped 4.4 per cent yesterday. All 14 Indian ADRs tracked by the Bank of New York measure declined.

Pakistan's former prime minister Benazir Bhutto was assassinated in an election-rally attack in Rawalpindi last night, threatening stability in the nuclear-armed nation.

ICICI, the nation's second-largest lender, fell Rs 14.9, or 1.2 per cent, to Rs 1,227.10. Infosys Technologies, the second-biggest software exporter, slid Rs 8.55, or 0.5 per cent, to Rs 1,795.75.