The stock market showed signs of consolidation on alternate bouts of buying and selling in line with narrowly mixed global trend with the benchmark Sensex quoting nearly flat at 1030 hours on Wednesday.
The Bombay Stock Exchange 30-share index moved erratically in a range of 16,793.37 and 16,626.35 before being quoted at 16,754.00 at 1030 hours, hardly changing against overnight close of 16,752.86.
Yesterday, it was down by over 108 points. The S&P CNX Nifty of the National Stock Exchange, however, eased by 7.60 points to 4,950.20 from previous close.
Market players still concerned over the steep slowdown in industrial output and rising inflation as the global crude oil prices remained high near USD 126 a barrel after striking a new peak of USD 126.98 a barrel in New York on Tuesday.
Besides Taiwan, most of the other Asian Markets were trading slightly lower. On Wall Street, the Dow Jones Industrial Average ended weak while the Nasdaq Composite Index edged up last night.
Foreign Institutional Investors (FIIs), after three days of sell-off, turned positive and they picked up shares worth Rs 73.93 crore on Tuesday as per provisional data.
Some of the banking, power, capital goods and refinery shares displayed feeble trend while consumer durable, metal and IT stocks were quoting in the green on buying support.
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