Wednesday, 24 October , 2007, 16:25
SENSEX 18512.91 20.07
NIFTY 5496.15 22.45
It was a splendid start for the benchmark indices Sensex and the Nifty this morning as strong global markets triggered a rally in blue chip stocks. Short-covering in the derivatives segment also aided the surge. However, as the session progressed, movements turned highly volatile as participants chose to stay cautious and refrained from building up positions at higher levels. A reversal in trend on the Asian bourses also dampened the mood to an extent.
The Sensex, which opened with a positive gap of around 235 points at 18,727.90, hit a high of 18,832.49 in early trade, but soon plunged to 18,317.17 following a severe bout of selling pressure. After moving in a listless way thereafter, it finally ended the day with a small gain of 20.07 points or 0.11% at 18,512.91.
The Nifty, which touched a high of 5577.90 in morning trade, ended at 5496.15, well off its intra-day low of 5419.40 and recorded a gain of 0.41% or 22.45 points.
Capital goods, metal and realty stocks were in demand. Bank stocks, which moved up sharply in intra-day trades, shed some gains during the closing minutes of the session. Consumer durables stocks did fairly well. Auto and information technology, with a few exceptions, remained quite subdued. Oil, pharma and FMCG stocks turned in a lacklustre display.
Even as several large cap stocks found the going tough despite a bright start, a number of stocks from midcap and smallcap segments held firm almost till the end thanks to sustained buying support.
Reliance Energy attracted strong buying and ended with a handsome gain of 8.6%. State Bank of India moved up by 5.25% to Rs 1908. Tata Steel, Hindalco, HDFC Bank and Larsen & Toubro gained 2% - 2.25%.
NTPC (1.85%), Cipla (1.75%), Maruti Udyog (1.45%), ACC (1.25%) and Ranbaxy Laboratories (0.85%) also ended on a firm note. Reliance Industries closed with a modest gain at Rs 2609.50. Hindustan Unilever ended with a slender gain.
ONGC slipped by 3.15% to Rs 1107.90 on heavy selling at the counter. Tata Motors closed with a loss of 2.7% at Rs 774.65. IT bellwether Infosys Technologies ended lower by a little over 2% at Rs 1844.50.
Further, See: Sensex ends with a marginal gain of 20 pts
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