27 December 2007

Sensex, Nifty end with small gains : Sify Finance

Sensex, Nifty end with small gains
Nifty at 6950, Sensex 22880 by July 2008
India's Sensex Has Longest Winning Run

NSE 6081.50 10.75
BSE 20216.72 24.20

The market, despite mixed global cues, opened on a high note this morning. Barring information technology stocks, other blue chips surged higher in early trade and quite a few of them held on to their gains thanks to selective buying support even as the benchmark indices Sensex and Nifty drifted lower around noon.

As the mood turned highly cautious, large and midcap stocks had a highly choppy afternoon session today. The Sensex did manage a smart rally around mid-afternoon but declined sharply once again following a fairly strong bout of resistance.

All through this, smallcap stocks held firm thanks to sustained buying interest. The Sensex, which opened at 20,301.05 and edged up to 20,323.76 in early trade today, ended the session at 20,216.72 with a gain of 24.20 points or 0.12%, and Nifty closed with a gain of 0.18% or 10.75 points at 6081.50, around 30 points down from its intra-day high of 6110.85. While the Sensex touched a low of 20,159.73 today, the Nifty had eased to 6060.20 in afternoon trade.

Among the sectoral indices, the Consumer Durables index finished with a strong gain of 1.79%. The Bankex, FMCG, Metal and PSU indices ended stronger by 0.7% - 1% while the Power index moved up by 0.34%. BSE Oil & Gas edged up marginally while the Capital Goods index ended with a small loss. The Auto, IT, Healthcare, Realty and Teck indices lost 0.25% - 0.75%.
Though as many as 14 Sensex components ended in the positive territory, only HDFC Bank (2.8%), Wipro (2.55%), ICICI Bank (1.85%), ITC (1.85%), Tata Steel (1.55%) and Reliance Energy (1.1%) closed with sharp gains.

Hindalco, which failed to find support at higher levels, ended 0.7% up at Rs 210.80, more than Rs 5 down from its intra-day high of Rs 216.05. HDFC, ONGC, Hindustan Unilever, NTPC, Tata Consultancy Services, Maruti Suzuki and BHEL finished with marginal gains.

Tata Motors lost a little over 2%. Satyam Computer Services (down 1.7%), Reliance Communications (down 1.65%) and Bharti Airtel (down 1.65%) also declined sharply. Ranbaxy Laboratories, Larsen & Toubro, Grasim Industries, State Bank of India, Mahindra & Mahindra and Infosys Technologies lost 0.5% - 1%. Cipla, Ambuja Cements, DLF and Bajaj Auto also closed on a weak note. Reliance Industries and ACC ended with small losses.

Nalco, which shot up by 9.25%, was the biggest gainer in the Nifty pack. Idea Cellular, Suzlon Energy, SAIL, Sterlite Industries and Cairn India also ended on a firm note.

Reliance Petroleum, Sun Pharmaceuticals, HCL Technologies, Zee Entertainment, Punjab National Bank and ABB ended with sharp losses. Shipping Corporation of India vaulted 13.85% to Rs 294.35. Nirma, Mirc Electronics, CMC, Raymond, Alok Industries, HTMT Global, Tata Elxsi, Castrol India, Adani Enterprises, Rashtriya Chemicals & Fertilizers, Indo Rama Synthetics, Sterling Biotech, GE Shipping, Aventis Pharma, JSW Steel and Hinduja Ventures posted impressive gains.

Midcap stocks ISMT, Tulip IT, ABG Shipyard, Educomp Solutions, Crisil, Emami, Motherson Sumi, 3M India, India Infoline, Gujarat NRE Coke, Infotech Enterprises, Aptech, Vishal Retail, SpiceJet and REI Agro had a bright outing today.

Sagar Cements, KRBL, Kalindee Rail Nirman Engineers, ICSA, Era Constructions, Suven Life, Federal Mogul Goetze, Hindustan Organic Chemicals, Gwalior Chemicals, Inox Leisure, Cosmo Films, Nelcast, BSEL Infrastructure, Rain Commodities, Everonn Systems, Mercator Lines and Karuturi Network were among the big gainers in the Smallcap index, which shot up by 2.32% today.

Thanks to widespread buying in midcap and smallcap space, the market breadth remained pretty strong today. Out of 2953 stocks traded on BSE, 2069 stocks ended with gains. 841 stocks posted losses and 43 stocks ended at their previous closing levels.

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