In choppy trade,the BSE benchmark Sensex fell below the 18,000 level before closing flat as better earnings by State Bank of India diluted the impact of negative factors on the domestic front amid a weakening global trend. The 30-share index of the Bombay Stock Exchange fluctuated wildly during the session between a high of 18,113.62 and a low of 17,914.78,before settling with a moderate gain of 3.71 points at 18,073.90. However,the broad-based National Stock Exchange index Nifty finished lower by 4.15 points to 5,416.45. After a weak start on reports of a rise in food inflation and falling industrial production data,the market bounced back after State Bank of India posted attractive first quarter net income,beating analysts' estimates. State Bank of India shot up by Rs 180.40 to Rs 2,784,its highest level in at least 19 years after posting its fastest profit growth in four quarters. However,the overall trading sentiment remained bearish on a weakening trend in the Asian region and a lower opening in Europe following the US Federal Reserve's statement that the economic recovery is slowing and needs fresh stimulus. The fall was led by IT,metal and FMCG sector stocks,while a gain in bank,auto,consumer durable realty sectors saved the market from any major fall. Software exporters and metal producers declined following reports that indicated growth in the US and China is slowing. Infosys Technologies,the second most valuable scrip on the Sensex,led the retreat by software exporters,which get more than half of their sales in the US and European markets. Infosys dropped by Rs 32.20 to Rs 2,778.60,Wipro by Rs 5 to Rs 413.15 and Tata Consultancy Services by Rs 3.75 to Rs 855.10. Reliance Industries,which has the maximum weightage on the Sensex,dropped by Rs 10.30 to Rs 972.25. In the 30-BSE index components,18 stocks ended with losses and 12 remained in positive zone.
