The market had a flattish morning, but recovery by Asian markets, positive opening for European markets and good advance tax numbers pulled it higher in the afternoon. Higher levels were not sustainable, as the market gave in to selling pressure and often kept slipping into the negative terrain. Experts said traders were cautious ahead of the US Fed announcement on interest rates that will come in tonight. Therefore they were selling at every rally.
Sensex closed at 14,833, up 23 points from the previous close. Nifty shut shop at 4533, up 29 points. Banking stocks witnessed some selling pressure through the day, but it were metal stocks that got beaten up towards the end of the trading session. Biggest losers on the Sensex include Tata Steel, JP Associates and HDFC, while gainers include DLF, HUL and Ranbaxy.
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