Benchmark share indices ended flat with a positive bias, amid a volatile trading session on Tuesday, led by gains in ITC and financial shares.
The 30-share Sensex provisionally ended up 36 points at 17,309 and the 50-share Nifty provisionally ended up 14 points at 5,271.
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(Updated at 14:18 hrs)
Key share indices remained lacklustre in late noon deals with auto stocks witnessing selling pressure on concerns that the proposed excise hike in the Budget would dampen sales growth going forward. The Sensex was up 73 points at 17,346 and the Nifty was up 21 points at 5,278 levels.
Most of the Asian markets were trading lower. Hong Kong's Hang Seng and China's Shanghai Composite were both down over 1% each.
Among the sectoral indices, the COnsumer Durables, Bankex and Realty indices were up over 1% each while Auto index was the sole loser on the BSE down 1.4%.
Among Sensex shares, Tata Motors was the top loser down nearly 3% at Rs 275. Among other auto shares, Bajaj Auto was down 1.6% while Hero Motocorp and Maruti Suzuki were both down nearly 1% each. According to market analyst, the announcement of a 2% increase in excise duty is disappointing and not favorable towards the auto industry.
Index heavyweight Infosys was down 0.4% while Coal India was down 2% at Rs 328.
However, bank shares such as HDFC Bank, ICICI Bank and SBI along with Reliance Industries have firmed up in today's trades on short covering after sharp losses in the previous trading sessions.
Among the individual stocks, shares of UB Group, promoted by Vijay Mallya, are under pressure on the bourses on reports that the government may cancel the group company - Kingfisher Airlines' licence if safety norms and financial viability conditions are not met. Vijay Mallya has been asked by the Directorate General of Civil Aviation (DGCA) to present a clear picture of the cash-strapped private carrier.
Besides,United Breweries Holdings (down 7%), United Spirits (down 5%), McDowell Holdings (down 2%) and United Breweries (down 1%) are other UB Group stocks trading lower on the NSE.
The broader markets are trading mixed with the BSE mid-cap index up 0.3% and the Small-cap index down 0.2%.
The overall breadth is negative as 1,517 stocks are declining while 1,176 are advancing.
