Sensex flat in see-saw trade; RIL, ONGC slip

Equity benchmarks were completely directionless in trade today - the Nifty was hovering just around the 5550 level. Indices showed good recovery after initial sell-off following recovery in Shanghai and Nikkei but the trade remains flat at 12:02 hours.

It seemed that market could be waiting for some trigger - may be monetary policy (which is scheduled on June 16) or global event.

Heavyweights Reliance Industries and ONGC continued to trade with 1-1.5% loss. Bharti Airtel, HDFC Bank, SAIL, Infosys, SBI, Hero Honda, Maruti Suzuki and HDFC too were adding pressure on the market.

However, consistent buying capital goods, FMCG, Anil Dhirubhai Ambani Group, select power and metal companies' shares has limited those losses. ICICI Bank, Wipro and DLF too were quite supportive.

The 30-share BSE Sensex was trading at 18,475, down 20 points and the 50-share NSE Nifty declined just 7 points to 5,549. However, the broader indices gained 0.5%.

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Nifty hovers around 5550; capital goods gains

Equity benchmarks recouped their early trade losses, led by capital goods, power, Anil Dhirubhai Ambani Group, FMCG and select metal companies' shares. But the sell-off in heavyweights Reliance Industries, ONGC, Bharti Airtel, HDFC Bank, HDFC and SBI has capped the gains.

The 50-share NSE Nifty has been hovering around the 5550 since the beginning of the week. Index was trading at 5,551, down 5 points and the 30-share BSE Sensex fell just 5 points to 18,490.

According to Vibhav Kapoor, IL&FS, it will be positive for India if QE3 announcement is not made. Kapoor suggested that the Nifty