A strong bout of selling in frontline stocks during the final hour of trade pushed the market, which had opened on a high note and remained well entrenched in the positive territory till then, down to a flat close today.
The Sensex, which rose by over 300 points to an intra-day high of 18,317.28, ended the session with a marginal gain of 19.80 points at 17,825.59, while the Nifty, which touched a high of 5368.15, closed with a small loss of 1.65 points at 5268.40.
Earlier, thanks to a sharp surge on Wall Street and impressive gains posted by stocks on the Asian bourses, the market had got off to a rousing start this morning. However, after moving in a tight band for a better part of the session, equities, led by IT, cement and bank stocks, drifted lower on selling pressure in afternoon trade.
The negative opening on the European bourses contributed to the market's weakness in late afternoon trade. Information technology and cement stocks took a severe beating today. While bellwether Infosys Technologies closed with a loss of 2.65%, Satyam Computer Services and Tata Consultancy Services ended lower by 2.8% and 2.2% respectively. Wipro, which fared relatively better, settled with a loss of 0.95%.
Cement stock Grasim Industries lost over 5% as it settled at Rs 2888.65. ACC and Ambuja Cements eased by 1.75% and 0.35% to Rs 816.05 and Rs 122.90 respectively.
Reliance Energy, which opened on a high note, lost its way midway through the session and finished with a sharp loss of 3.85% at Rs 1631.35. State Bank of India closed with a loss of 1.75% at Rs 2082.55. ICICI Bank and HDFC Bank also ended in the negative territory, albeit with marginal losses.
Bajaj Auto opened weak and remained that way right till the end. It ended the session with a loss of 1.4%. Reliance Communications closed 1.3% down at Rs 585.45. DLF, Hindalco and NTPC lost 0.6% - 1%. Cipla, Hindustan Unilever and ITC finished with slender gains.
Tractor major Mahindra & Mahindra rallied smartly on expectations of increased spending in agricultural sector. The stock, which shot up to a high of Rs 678.40 in intra-day trades today, ended at Rs 658.65 with a handsome gain of 4.55%. Housing finance major HDFC notched up a gain of over 4.25%. Pharma major Ranbaxy Laboratories surged 4.1% to Rs 436.35.
BHEL and Larsen & Toubro, the capital goods heavyweights, ended stronger by 3.8% and 3.2% respectively. Automobile stocks Maruti Suzuki (2.4%) and Tata Motors (0.8%) also had a nice ride up the charts. ONGC moved up by a little over a per cent. Bharti Airtel and Tata Steel closed with marginal gains.
Sun Pharmaceuticals (5.25%) was the biggest gainer in the Nifty index. GlaxoSmithKline Pharma surged 4.65%. Siemens (3.8%), Punjab National Bank (2.05%), Idea Cellular (2%), GAIL India (1.55%) and Tata Power (1.25%) also ended on a firm note.
Nalco, Tata Communications, Sterlite Industries, Suzlon Energy, Zee Entertainment, HCL Technologies, Unitech, Hero Honda, Dr. Reddy's Laboratories, SAIL and BPCL were among the prominent losers.
Punjab Tractors, JB Chemicals, CESC, Lanco Infratech, Asian Paints, Spice Telecom, Power Grid, Crompton Greaves, Gujarat Industries & Power, Ispat Industries, ICI India, Tata Chemicals, IndusInd Bank and Gujarat Mineral were among the prominent gainers today.
Midcap stocks TV 18, Bharat Bijli, Elecon Engineering, Renuka Sugars, Ashapura Minechemicals, IVRCL Infrastructure, Indraprastha Gas, Gujarat Alkalies, Walchandnagar Industries, Godrej Industries, Mercator Lines, Prakash Industries, SREI Infrastructure, Astrazen Pharma, Usha Martin and Texmaco gained significant ground on sustained buying support today.
IRB Infrastructure, which made its debut a couple of sessions ago, posted a sharp gain of 10.25% today. The IRB Infrastructure counter on NSE clocked a volume of 14.73 million shares today.
The Sensex, which rose by over 300 points to an intra-day high of 18,317.28, ended the session with a marginal gain of 19.80 points at 17,825.59, while the Nifty, which touched a high of 5368.15, closed with a small loss of 1.65 points at 5268.40.
Earlier, thanks to a sharp surge on Wall Street and impressive gains posted by stocks on the Asian bourses, the market had got off to a rousing start this morning. However, after moving in a tight band for a better part of the session, equities, led by IT, cement and bank stocks, drifted lower on selling pressure in afternoon trade.
The negative opening on the European bourses contributed to the market's weakness in late afternoon trade. Information technology and cement stocks took a severe beating today. While bellwether Infosys Technologies closed with a loss of 2.65%, Satyam Computer Services and Tata Consultancy Services ended lower by 2.8% and 2.2% respectively. Wipro, which fared relatively better, settled with a loss of 0.95%.
Cement stock Grasim Industries lost over 5% as it settled at Rs 2888.65. ACC and Ambuja Cements eased by 1.75% and 0.35% to Rs 816.05 and Rs 122.90 respectively.
Reliance Energy, which opened on a high note, lost its way midway through the session and finished with a sharp loss of 3.85% at Rs 1631.35. State Bank of India closed with a loss of 1.75% at Rs 2082.55. ICICI Bank and HDFC Bank also ended in the negative territory, albeit with marginal losses.
Bajaj Auto opened weak and remained that way right till the end. It ended the session with a loss of 1.4%. Reliance Communications closed 1.3% down at Rs 585.45. DLF, Hindalco and NTPC lost 0.6% - 1%. Cipla, Hindustan Unilever and ITC finished with slender gains.
Tractor major Mahindra & Mahindra rallied smartly on expectations of increased spending in agricultural sector. The stock, which shot up to a high of Rs 678.40 in intra-day trades today, ended at Rs 658.65 with a handsome gain of 4.55%. Housing finance major HDFC notched up a gain of over 4.25%. Pharma major Ranbaxy Laboratories surged 4.1% to Rs 436.35.
BHEL and Larsen & Toubro, the capital goods heavyweights, ended stronger by 3.8% and 3.2% respectively. Automobile stocks Maruti Suzuki (2.4%) and Tata Motors (0.8%) also had a nice ride up the charts. ONGC moved up by a little over a per cent. Bharti Airtel and Tata Steel closed with marginal gains.
Sun Pharmaceuticals (5.25%) was the biggest gainer in the Nifty index. GlaxoSmithKline Pharma surged 4.65%. Siemens (3.8%), Punjab National Bank (2.05%), Idea Cellular (2%), GAIL India (1.55%) and Tata Power (1.25%) also ended on a firm note.
Nalco, Tata Communications, Sterlite Industries, Suzlon Energy, Zee Entertainment, HCL Technologies, Unitech, Hero Honda, Dr. Reddy's Laboratories, SAIL and BPCL were among the prominent losers.
Punjab Tractors, JB Chemicals, CESC, Lanco Infratech, Asian Paints, Spice Telecom, Power Grid, Crompton Greaves, Gujarat Industries & Power, Ispat Industries, ICI India, Tata Chemicals, IndusInd Bank and Gujarat Mineral were among the prominent gainers today.
Midcap stocks TV 18, Bharat Bijli, Elecon Engineering, Renuka Sugars, Ashapura Minechemicals, IVRCL Infrastructure, Indraprastha Gas, Gujarat Alkalies, Walchandnagar Industries, Godrej Industries, Mercator Lines, Prakash Industries, SREI Infrastructure, Astrazen Pharma, Usha Martin and Texmaco gained significant ground on sustained buying support today.
IRB Infrastructure, which made its debut a couple of sessions ago, posted a sharp gain of 10.25% today. The IRB Infrastructure counter on NSE clocked a volume of 14.73 million shares today.
Source : www.sify.com
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