Markets end flat; FII pullout dampens sentiment

Mumbai, July 9 (PTI) Positive economic growth forecast by
the IMF kept stocks from plumbing the depths, but the markets
ended flat as the mood was clouded by reports of poor monsoon
and pullout by Foreign Institutional Investors (FIIs).

The Bombay Stock Exchange 30-share barometer Sensex
settled the day at 13,757.46, a loss of 11.69 points or 0.08
per cent from its previous close.

The market recovered from its intra-day low of 13,643.97
on the IMF's upward revision of India's growth forecast to 5.4
per cent for 2009 even as it projected the world economy to
shrink 1.4 per cent this year.

Sustained pullout by foreign funds and unfavourable
rainfall so far, however, caused concern among investors and
clouded market sentiment.

SMC Global Vice-President Rajesh Jain said, "The markets
today were very volatile and the investors were cautious ahead
of the Infosys results tomorrow."

"The European and Asian markets were a bit better and the
Indian markets were oversold; that is why the markets
rebounded from its lows and ended almost flat today."

The broader 50-share Nifty of the National Stock Exchange
also ended steady at 4,080.95 from its last close of 4,078.90.

FIIs pulled out more than Rs 3,200 crore this week,
including Wednesday's provisional figure of Rs 828.01 crore.

Except the Nikkei, Asian indices ended positive while
European stocks were higher by about 0.7 per cent to 1.4
per cent in morning trade. PTI JCG
RAI
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