No impact of FTP on markets; textile stocks up by 1-3 per cent

Mumbai, Aug 27 (PTI) The new Foreign Trade Policy (FTP)
failed to cheer investors as the markets closed flat on
Thursday after witnessing highly volatile trade.

While select blue-chips such as Bharti Airtel and Wipro
attracted buying, Tata Steel and Tata Motors came under
selling pressure.

In choppy trade, the BSE Sensex moved in a range of 170
points before settling up by 11.22 points at 15,781.07, thus
completing six straight days of gains, the longest winning
streak in four months.

Experts said market is facing a strong resistance at
these high levels. "The market is having an upward bias but
is facing a strong resistance at this levels," said Bonanza
Portfolio Assistant Vice President Avinash Gupta.

After the announcement of the new Foreign Trade Policy,
which extended many tax incentives for trade with Asian and
African markets, textile stocks gained in the range of 1-3 per
cent after shedding some initial gains.

"Textile shares had been going up in the recent past in
anticipation of trade policy announced today. The shares ended
with gains. But they were off their highs. The shares softened
in the later part of the trading," said Gupta.

Elsewhere, Asian indices closed in the red with the Hang
Seng down 1.04 per cent and Nikkei 1.56 per cent while
European markets were trading in the green Thursday afternoon.
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