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Money Dec 24, 2012

Sensex ends flat; Kingfisher up 5% as co submits revival plan

By Firstbiz Staff

The Indian equity markets ended flat in subdued trade due to lack of global and domestic triggers ahead of Christmas holiday.

Sensex closed at 19257.73 0.08 percent and the Nifty closed at 5856 , up 0.14 percent.

Kingfisher Airlinesclosed up 5 percent after TV news channels reported the company has submitted a revival plan to the civil aviation authorities, without citing sources. Reuters

CNBC TV-18 reported finance ministry sources as saying that the governmentmay not require additional borrowing this fiscal and that its cash balance was comfortable at Rs 1 lakh crore. The government is hopeful of raising money from the spectrum auctions, spending cut, divestment and direct tax collection.

Experts also estimate that inflation may moderate in the new year on easing of supply constraints after remaining stubbornly high for the whole of 2012 despite efforts by the government and the Reserve Bank to check rising prices of food items.

Although the rates would still remain above the RBI's comfort level of 5-6 percent, a rate cut is on the anvil as RBI is expected to work towards boosting growth.

Indian IT stocks, including Infosys (1.21 percent) , Wipro (1.78 percent) and TCS (0.41 percent) closed up as traders bought shares to cover their short positions.

Stocks in news

Kingfisher Airlinesclosed up 5 percent CNBC-TV18 news channels reported the company has submitted a revival plan to the civil aviation authorities, without citing sources.

Maruti Suzuki closed down 2 percent on concerns about the domestic passenger car sales outlook. Angel Broking said that the company expected "muted" volume growth of around 6 percent in fiscal 2013 and 6-7 percent in fiscal 2014, according to a note on Monday, citing the automaker's management.

Tata Motors closed up 2.44 percent on expectations of higher sales at Jaguar Land Rover.

Glenmark Pharma closed up 4 percent after it signed development agreement with Forest Labs for Novel Agent and company told CNBC TV18 that it will receive $9 million as upfront payment.

by Firstbiz Staff

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