A rousing start notwithstanding, equities found the going very tough and choppy as participants, appearing quite clueless about the direction of the market, traded in a somewhat listless manner today. Global cues were strong to begin with and that prompted a buoyant start. As the session progressed, investors turned a bit cautious as Asian markets shed early gains and drifted lower. Inflation rate eased to 3.01% from the previous week's figure of 3.21%. But concerns voiced by the government about surging capital inflows forced a section of participants on to a defensive mood.
As many as 15 of its components, including heavyweights Reliance Industries and Larsen & Toubro, ended in the red today, but strong gains posted by IT, telecom and banking sector heavyweights lifted the Sensex up to a highly positive close.
While the Sensex ended with a big gain of 170.13 points or 0.86% at 19,966, the Nifty, which hit a new all-time high at 6042.10 this morning, closed with a gain of 0.33% or 19.60 points at 5974.30. The Sensex, which opened with a positive gap of nearly 280 points at 20,063.50 and moved on to 20,094.56 in early trade, tumbled to a low of 19,706.43 around mid afternoon.
IT bellwether Infosys Technologies stood firm almost right through the session and ended with a handsome gain of 5.1% at Rs 1718.15 today. Tata Consultancy Services (2.65%), Wipro (1.85%) and Satyam Computer Services (1.6%) took time to settle down but rallied smartly in afternoon trade to finish with smart gains.
Realty stock DLF moved up by 4.15% to Rs 1011.35. ICICI Bank (4.05%), HDFC Bank (2.1%) and State Bank of India (1.7%), housing finance major HDFC (3.85%), pharma stock Ranbaxy Laboratories (2.35%) and telecom stocks Reliance Communications (2.2%) and Bharti Airtel (2.1%) also rose sharply on sustained buying interest. Hindustan Unilever, NTPC and Maruti Suzuki ended with small gains.
Index heavyweight Reliance Industries eased by 1.1%. Hindalco and Tata Steel, the metal majors, lost 2.5% and 1.6% respectively. ITC slipped 1.95% to Rs 188.90. Cement stocks ACC, Grasim Industries and Ambuja Cements closed lower by 1.6%, 1.05% and 1% respectively.
BHEL went down by around 1.5%. Cipla, Bajaj Auto, Larsen & Toubro, Reliance Energy, Mahindra & Mahindra lost 0.5% - 1% while ONGC closed with a small loss.
VSNL, Sun Pharmaceuticals, Tata Power, ABB and Punjab National Bank closed with sharp to moderate gains. Hindustan Petroleum Corporation, SAIL, GAIL India and MTNL ended with sharp losses. Zee Entertainment, BPCL, Sterlite Industries and Siemens also finished on a weak note. Unitech, which opened firm and moved up further in subsequent trade, lost its way a little past mid afternoon and ended in the negative territory with a marginal loss.
Tech Mahindra was the biggest gainer from the IT index. NIIT Technologies rallied by over 7%. Moser Baer spurted 6.2%. i-Flex Solutions (5.8%), MphasiS (5.5%), Aptech (5.25%) and Patni Computers (3.7%) closed with impressive gains. HCL Technologies gained 2.45%. NIIT and Rolta India also closed on a high note.
Though the indices ended with sharp gains, the market breadth was just neutral as several midcap and smallcap stocks wilted under pressure and surrendered their gains. Out of 2909 stocks traded on BSE today, 1460 stocks closed with gains. 1406 stocks ended in the negative territory and 43 stocks ended at their previous closing levels.
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