The benchmark index of Bombay Stock Exchange (BSE) on Tuesday continues to trade on a flat note.
The gains in Infosys, Reliance Industries, ITC and ICICI Bank were offset by losses in HDFC, HDFC Bank, Larsen & Toubro and Bharti Airtel. The Sensex which declined as much as 114 points, in early trades, reclaimed 38,000 mark while the NSE Nifty 50 Index was trading near its important psychological level of 11,350.
Foreign institutional investors have been selling shares in the Indian markets after the government implemented the Budget proposals which called for higher taxes for individuals, trusts and association of persons earning more than Rs. 2 and Rs. 5 crore. Foreign investors have sold shares worth Rs. 4,530 crore since Budget .
UPL was top gainer in the Nifty 50 basket of shares, the stock rose 2.22 per cent to Rs. 653. Yes Bank, Power Grid, Infosys, Titan Eicher Motors, ITC, Axis Bank and Hero MotoCorp were also among the gainers.
On the other hand, HDFC, Indiabulls Housing Finance, Zee Entertainment, Bajaj Auto, Dr Reddy's Labs, HDFC Bank, Cipla and JSW Steel were among losers.