Stock Market News : Market Ends With Modest Gain

The Indain Stock Market opened flat to the back of better Asian cues remained range bound during the first couple of hours but witnessed hectic buying in select front line stocks thereafter in early noon which pulled up the indices to day’s high. Earlier in the afternoon, Sensex had extended gains to 1 percent on Thursday afternoon, with State Bank of India and Reliance Industries leading the rise, helped by firm Asian markets and as European stocks recovered from early losses.  However, The market failed to remain at higher levels and slipped back on profit taking. The market, despite heavy selling a little past mid afternoon, managed to close on a positive note on sustained buying in metal, pharmaceuticals and oil stocks. The Sensex, which had surged over 250 points and closed at 16922.80. The Nifty closed with a paltry gain of 78 points and closed at 5078.60 after making a high of 5050 and a low of 4980 in intra day trades. The market breadth however, remained marginally positive with 1481 stocks on BSE moving higher and 1285 stock declining, while 131 stocks ending flat . The market trend remaining undecided, the readers are therefore, advised to trade with caution and avoid large positions till clear market trend emerges.