Thursday, March 23 2006 17:13 Hrs (IST) - World Time -

Mumbai: In volatile trade, the Bombay Stock Exchange benchmark Sensex surrendered initial gains and closed flat at 10,840.59, down by a mere 0.76 point, on alternate bouts of buying and selling.

The market opened on a firm note due to firm global advices and sustained buying by institutional investors.

However, profit-booking by cautious operators and retail investors had its negative impact on the market.

Selling was aggravated at the fag-end following the news of Congress President Sonia Gandhi's resignation from Lok Sabha, dealers said.

The BSE-30 share sensitive index opened remarkably higher at 10,861.95 as against yesterday's close of 10,841.35 and moved irregularly in a range between 10,924.29 and 10,792.98 before concluding at 10,840.59, a small fall of 0.01 per cent.

Despite firm Nasdaq advices, technology shares reacted further downwards on profit-booking. Infosys Tech, Satyam Computers and TCS closed with losses.

Meanwhile, the Dow Jones Industrial Average rose 81.96 points to a new five-year high of 11,317.43 and the Nasdaq Composite Index firmed up by 9.12 points last night. However, asian markets ruled mixed today.

However, metal shares were in limelight on renewed buying support as Tata Steel, Hindalco, SAIL, Sterlite, Jindal Steel and Nalco ended firm. Telecom counters like MTNL and VSNL also attracted fresh buying and closed with sharp gains.

According to analysts, the market might show volatility till the expiry of March contract next Thursday.