IT strocks help markets to stay afloat

Stocks on Thursday sailed past many hiccups as IT and technology shares ensured the benchmarks ended in stable waters for the sixth day running.

The 30-share Sensex had slipped to 33,468.30, but some last-minute buying saved the day as the index settled up 26.53 points, or 0.08%, at 33,588.08. The gauge had rallied over 801 points in the past five straight sessions. After oscillating between 10,374.30 and 10,307.30, the 50-share NSE Nifty ended the day flat at 10,348.75, but still up 6.45 points, or 0.06%, from its previous close.

"Proposals to change the direct tax code... raised fears of more disruption, but ongoing reforms and Fed minutes showing slower than expected rate hikes lent support at lower levels," said Anand James, Chief Market Strategist, Geojit Financial Services Ltd.