Markets end flat, off day's low: Auto stocks outperform

The markets ended flat but were off day's low on account of buying support from select auto and capital good stocks.The market settled with nominal losses after swinging sharply during the day. The market opened on a strong note tracking firm global equities, but immediately slipped sharply into the red after striking an all-time high. It later recovering on value buying and on short covering. Auto shares were in demand, while IT pivotals were offloaded.

Sensex was down 18.35 points or 0.12% at 14861.89, and the Nifty down 5.35 points or 0.12% at 4353.95.

Real-estate major DLF settled at Rs 570.05, a premium of 8.57% over the IPO price of Rs 525 per share. The scrip debuted at Rs 582, and had touched a high of Rs 714.25 and a low of Rs 505.60 during the day on BSE.

Private sector banking major ICICI Bank rose 1.80% to Rs 1003,following reports yesterday, 4 July 2007,that the department of industrial policy and promotion has approved ICICI Bank's plan to sell a 24% stake in ICICI Financial Services. ICICI Bank had recently said that its plant to sell stake in ICICI Financial Services to foreign investors was unlikely to get go ahead from the Foreign Investment Promotion Board (FIPB).

Auto stocks extended early gains on hopes that interest rates may soften. Car major Maruti Udyog advanced 1.74% to Rs 805.Tata Motors rose 1.48% to Rs 708.Hero Honda Motors added 0.42% to Rs 688.50.

Index heavyweight Reliance Industries (RIL) recovered from a low of Rs 1,680.50, to settle at Rs 1710.IT stocks remained subdued. IT stocks Infosys Technologies (down 1.11% to Rs 1911.50), TCS (down 0.73% to Rs 1109.10), Satyam Computers (down 1.52% to Rs 464), and Wipro (down 0.95% to Rs 504.10) edged lower.