the Indian market closed flat after opening sharply lower in the morning. Amid weak global cues, the market opened lower in the day and showed a range bound movement for the next few hours on disappointment over a U.S. financial rescue plan.
However, the market cut losses in the afternoon, helped by a positive trend in the European markets and higher US index futures, which pointed to a firm start on Wall Street Wednesday.
The market cut its losses further in the afternoon after the government announced capital infusion into three public sector banks and eased some foreign direct investment norms.
The BSE Sensex opened lower at 9,462 and recovered sharply to close off the day's low, finishing at 9,619, down 29 points or 0.30%, while the S&P CNX Nifty ended at 2,926, down 9 points or 0.30%.
On the BSE, the market breadth was positive, with gainers outnumbering decliners by 1263 to 1138. The small-cap index rose 0.25% and the mid-cap index gained 0.37%, while the broad-based BSE 500 index slipped 0.10%.
Auto, consumer durable, power, cement and FMCG stocks received good support on expectations of sector-specific sops in the forthcoming interim budget.
