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Equity benchmarks closed the session on a flat note amid consolidation Tuesday as investors awaited more corporate earnings and the outcome of Federal Reserve policy meeting due Wednesday. The 30-share BSE Sensex opened with a gap-up of more than 100 points after two-day profit booking and a long weekend but erased early gains to trade in a tight range for the rest of the session. The Sensex closed up 2.78 points at 29,921.18 after hitting an intraday high of 30,069.24 and low of 29,804.12 while the 50-share NSE Nifty rose 9.75 points to 9,313.80.
Equities are no longer in sync with fundamental parameters. "Earnings recovery is on, but it is not commensurate with the rally as well as valuations. Earnings growth is needed to sustain the premium valuation. On the global front, the announcement of FED policy tomorrow is likely to add some volatility in the market.
Equity benchmarks closed the session on a flat note amid consolidation Tuesday as investors awaited more corporate earnings and the outcome of Federal Reserve policy meeting due Wednesday. The 30-share BSE Sensex opened with a gap-up of more than 100 points after two-day profit booking and a long weekend but erased early gains to trade in a tight range for the rest of the session. The Sensex closed up 2.78 points at 29,921.18 after hitting an intraday high of 30,069.24 and low of 29,804.12 while the 50-share NSE Nifty rose 9.75 points to 9,313.80.
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