Markets end higher for third straight session

Smart gains from the previous trading session were disrupted as the markets witnessed profit-booking after the near 3-month high levels scaled on Monday.

The markets finally ended flat; the Sensex closed marginally in the red at 19,686 down 15 points, while the Nifty ended at 5,902 up 2 points.

After a dull opening today, the bourses started declining in the morning session itself. After an initial paring of losses around late morning, the markets slipped again, and exhibited range-bound trade.

In the afternoon session, the Sensex slipped 207 points to the day's low of 19,524, as investors booked profits in the banking and IT counters on the back of robust gains made on Monday.

The markets recovered gains partially after touching the day's low, but they continued to operate in a negative belt.

As the markets neared closing, buying in the consumer durables, metal and realty counters propelled the Sensex to touch the day's high of 19,770,

before consolidating gains to eventually close flat.

Crude prices simmered above $120 because of unabating political turmoil in Libya and Yemen, and political uncertainty in Nigeria.

A sustained rise in oil prices threatens to push up the commodity prices, which in turn could mount pressure on the inflation scenario worldwide, especially in the emerging markets.

Gainers on the Sensex were led by Reliance Communications at Rs 111, Hindalco Industries at Rs 220 and BHEL at Rs 2,208 all up 2%. Sterlite Industries, Cipla, Jaiprakash Associates, NTPC, Reliance Infra and Hindustan Unilever were up 1% each.