Selective buying helps Sensex eke out small gain

In a lackluster trade, the benchmark Sensex ended nearly flat - just up by nearly 22 points - at 17,243.84, signaling cautious approach adopted by investors ahead of the Q4 March 2012 as well as FY 2012 results to be announced by the IT bellwether Infosys Tech on April 13 and also credit policy by the central bank on April 17.

Narrowly mixed Asian trend while weak European markets too kept the market under check.

The market cut short two-session of losing string and in last straight two trading sessions, it had tumbled by 375.28 points or 2.13 per cent.

Capital goods, IT and metal stocks suffered the most while FMCG counters attracted good buying support on reports of arrival of monsoon by the first week of June, which is considered to be good for farmers and FNCG segment derived more sales from rural India.

Auto scrips too were in demand after domestic passenger car sales rose by 19.66 per cent to 2,29,866 units in March 2012, from 1,92,105 units in the same month last year, figures released by the Society of Indian Automobile Manufacturers (SIAM) today. Total two-wheeler sales in March increased by 8.27 per cent in the same month last year.

The Bombay Stock Exchange 30-share barometer moved narrowly in a range of 17,274.69 and 17,135.76 before settling at 17,243.84, a small rise of 21.70 points or 0.13 per cent.

The NSE broader 50-issue Nifty also rose by a mere 9.20 points or 0.18 per cent to 5,243.60.

Fresh selling by Foreign Institutional Investors (FIIs) which sold shares worth Rs 269.43 crore yesterday as per provisional data with stock exchanges also weighed on the market.