Sensex ends marginally up; REL soars 4%
Sensex up marginally
Sensex ends flat
NSE 5751.15 8.85
BSE 19091.96 12.32
Taking cues from strong global markets, equities opened on a high note this morning, and, notwithstanding a few spells of selling stayed on in the positive territory till a little past noon. Stocks cutting across sectors were seen trading firm. So widespread was the interest that all the sectoral indices moved up sharply in morning trade.
However, as participants turned a bit cautious past noon, prices of several blue chip stocks began to swing in a highly volatile manner. A severe bout of selling pressure then sent the indices crashing deep down into the red. The Sensex, which had spurted to 19,397.76 in early trade after opening with a positive gap of over 275 points at 19,255.39, nosedived to 18,886.40, suffering a big loss of around 190 points.
Finally, thanks to a smart rally in select old and new economy stocks, the Sensex bounced back into the positive territory and ended the day at 19,091.96 with a small gain of 12.32 points. The Nifty, which touched a high of 5840.80 in opening trade, settled at 5751.15 with a gain of 8.85 points. In late afternoon trade, the Nifty crashed to a low of 5676.70.
With two trading holidays ahead and the expiry date of December series derivatives contracts not far away, the market witnessed immense volatility right through the session today. Though a few blue chip stocks held firm, several large and midcap stocks were seen struggling for support in afternoon trade.
Reliance Energy rallied smartly and posted a sharp gain of 4.15% on the back of reports that the company is planning to foray into Africa. It is reported that the company is in talks with the governments of Botswana, Tanzania and Zambia for setting up generation capacities of over 1,000 megawatt (MW). The company is also likely to bid for a 1,200 MW greenfield project at Yanbu in Saudi Arabia.
ONGC ended stronger by 2.65%. ICICI Bank (1.8%) and Infosys Technologies (1.1%) remained firm right through the session. Tata Consultancy Services, Tata Steel, ITC, Mahindra & Mahindra (the stock had a bright spell this afternoon), Larsen & Toubro and Ranbaxy Laboratories gained 0.5% - 1%.
Hindustan Unilever, DLF and BHEL ended with marginal gains. Ambuja Cements, HDFC Bank, Wipro, Cipla and Satyam Computer Services ended flat. ACC (down 3.4%), HDFC (down 2.4%), Maruti Suzuki (down 2.35%), State Bank of India (down 1.95%), Grasim Industries (down 1.65%), Tata Motors (down 1.55%), NTPC (down 1.25%), Reliance Industries (down 0.85%), Bajaj Auto (down 0.65%) and Hindalco (down 0.65%) ended on a weak note. Telecom majors Bharti Airtel and Reliance Communications also closed in the negative territory.
VSNL zoomed to Rs 738 in brisk afternoon trade at the counter and despite ending the session well off that mark, at Rs 716.25, posted a hefty gain of 18.4%. Nalco, Suzlon Energy, Sun Pharmaceuticals, HCL Technologies, Unitech, BPCL, Tata Power, Zee Entertainment and GlaxoSmithKline Pharma also finished on a firm note. GAIL India, ABB, Dr. Reddy's Laboratories, Punjab National Bank and Siemens ended with sharp losses.
Alok Industries, Gillette, Ispat Industries, Lupin, Rashtriya Chemicals & Fertilizers, Mastek, Indian Bank, Torrent Pharma, Jaiprakash Associates, Adani Enterprises, FDC, Arvind Mills, Jindal Saw, Gujarat Industries & Power and Indian Cements surged higher on strong buying support.
HCL Infosys, Lanco Infratech, Jet Airways, Moser Baer, Indian Overseas Bank, Alstom Projects, Union Bank of India, Rolta India, Bharat Earth Movers, Sun TV Network, EIH Limited and Godrej Consumer Products closed with sharp losses.
The market breadth was positive. Out of 2941 stocks traded on BSE, 1883 stocks ended with gains. 1030 stocks closed in the negative territory and 28 stocks ended unchanged from their previous closing levels.
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