Mumbai: In late trade, the market failed to hold 1% rally driven by Federal Reserve meet outcome, closing flat on Thursday due to correction in European markets. HDFC group, pharma, metals stocks and Reliance Industries were under pressure in last hour of trade.
The 30-share BSE Sensex fell 5.11 points to 24677.37 after rising more than 260 points intraday. The 50-share NSE Nifty managed to hold 7500-mark, rising 13.80 points to 7512.55. The BSE Midcap index was up half a percent but Smallcap ended flat.
After the US Federal Reserve stayed put and did not raise rates, Vikas Khemani of Edelweiss Securities believes the focus will shift to local issues such as earnings, corporate performance, Reserve Bank's April policy move, among others.
According to him, unless liquidity concerns make a comeback, Nifty may not once again test levels of 6800-7000. European equities opened higher but could not sustain gains, trading sharply lower despite the US Federal Reserve signalling fewer interest rate hikes in 2016.
Germany's DAX and France's CAC fell nearly 2% followed by Britain's FTSE with 0.6% loss (at 1600 hours IST). Asian markets closed mostly higher with China's Shanghai and Hong Kong's Hang Seng up 1.2% each. The rupee extended rally after gaining past 67 on fall in US dollar post Federal Reserve meet. The currency ended at 66.75 a dollar, up 47 paise.
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