Sensex up 27 points, while Nifty ends flat

Posted By: Pti
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Mumbai, Feb 16 (PTI) The BSE benchmark Sensex extendedgains for the fourth straight session today, closing 27 pointsup at 18,300.90 due to rise in realty and metal stocks as wellas renewed capital inflows amid firm European cues.

Besides, Tata Steel''s two-fold jump in net profit in thethird quarter this fiscal lifted the trading sentiment.

Brokers said retailers were cautious after the three-daypull-back rally and decided to play safe ahead of the UnionBudget 2011-12 to be announced on February 28, and the expiryof derivatives contract on February 24.

The Bombay Stock Exchange 30-share barometer continued toveer in and out of the positive terrain between 18,358.84 and18,216.12 before settling the day at 18,300.90, a net gain of27.10 points or 0.15 per cent.

However, the NSE 50-issue Nifty ended flat at 5,481.70from 5,481.00 previously.

Meanwhile, Prime Minister Manmohan Singh said today thatinflation will fall to 7 per cent by March-end and thegovernment was trying to tackle the situation without hurtinggrowth,which he pegged at around 8.5 per cent for this fiscal.

He also indicated that there would be more reforms willbe unveiled in the 2011-12 Budget.

Tata Steel closed up 3.97 per cent on excellent Q3performance, with net profit more than doubling. It helpedSensex to end in the positive terrain.

"Metal stocks emerged as the centre of brisk activityduring the session, helping Sensex to maintain its winningstreak," said Manaoj Choraria, a Delhi-based stock broker.

He said continued short-covering in select heavy-weightstocks too supported the upward trend. .

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