RTTNews - The Indian market ended a volatile session on Tuesday mixed amid considerable amount of profit taking after a historic 17% rise in the previous session.
The market witnessed selective buying. While realty, banking and capital goods stocks jumped further on frenzied buying, the IT sector bore the brunt of the selling pressure.
Auto, power and metal stocks also rose notably, but defensive healthcare and FMCG stocks and state-owned oil marketing companies ended deep in the red.
The BSE Sensex opened higher at 14,758 and fell to the day's low of 13,834 before recouping all its loss to finish with a modest 0.12% gain. The Sensex closed at 14,302, up 18 points over the previous close. However, the S&P CNX Nifty closed in negative terrain at 4,318, down 5 points or 0.11%.
On the BSE, the broad-based BSE 500 index rose 1.15%, the small-cap index gained 2.52% and the mid-cap index ended up 3.60%. The market breadth was extremely positive, with advancers outnumbering decliners by 1923 to 743.
Among the major gainers, DLF surged up 19.36%, State Bank of India climbed 11.19%, Reliance Communication jumped 10.54% and Grasim Industries soared 9.50%. Mahindra & Mahindra, Larsen & Toubro, Maruti Suzuki, ICICI Bank, ACC, Reliance Infrastructure and ONGC were the other prominent gainers.
On the other hand, Infosys plunged 11.65%, Wipro plummeted 9.13%, TCS slumped 8.15%, Ranbaxy Laboratories tumbled 6.40% and ITC fell 5.63%. Reliance Industries, Hindalco, Hindustan Unilever, Jaiprakash Associates, NTPC, Bharti Airtel and Sun Pharma were the other major losers.
Property developer Indiabulls Real Estate rose 1.14% on getting approval from its shareholders for a $600 million share sale to qualified institutional investors. Unitech surged up 10.61% after announcing plans to raise additional long-term funds through issuance of further securities. Sobha Developers jumped 18.42% despite reporting a 52% fall in its net profit for the 12 months to March.
Oil explorers closed mixed. While ONGC rallied 5.34%, Reliance Industries slumped 5.25% and Cairn India ended down 0.23%. Essar Oil rose 1.83% on reporting a net profit of Rs.660 crore for the fourth quarter ended March compared to a net loss of Rs.8 crore in the corresponding period last year. Among state-owned oil marketing companies, HPCL slumped 8.22%, IOC tumbled 6.45% and BPCL fell 2.92%
Auto component maker Amtek Auto jumped 10.55% after it signed a 50:50 joint venture agreement with Sumitomo Metal Industries of Japan for production and sale of forged crankshafts. Aditya Birla Nuvo also soared more than 10% after the company proposed to allot 18.5 million convertible warrants to its promoters for Rs.1, 000 crore at a price of Rs.540.50 per warrant.
Newspaper publisher HT Media rallied 7.45% even as its standalone net profit fell 44% to Rs.23.43 crore for the March quarter. United Spirits advanced 3.55% on stake sale reports to private equity investors.
Engineering firm Punj Lloyd lost 2.09% despite posting a consolidated net loss of Rs. 253 crore for the fourth quarter ended March compared to a net profit of Rs.119 crore in the same quarter last year. JSW Steel ended up 0.75% on reports that it is closing down a 1.2-million-metric-ton plate plant in the U.S. due to inadequate demand from ship- building industries.
State-owned bank SBI surged up 11.19% on reports that it targets a total business of Rs. 10,500 crore in the current fiscal year. Mahindra & Mahindra soared 9.03% after the company resumed production at its Nashik plant following the withdrawal of a 15-day 'tool down' strike by its employees union.
Great Offshore closed down 1.03% after ONGC cancelled a contract given to the company due to non-delivery of the jack-up rig ' Samed Shikhar' by May 14. Indian Bank rallied 5.42% after it posted a net profit of Rs.1255.15 crore for the 12 months to March compared to Rs.1043.12 crore in the previous year.
Pharmaceutical company Ranbaxy Laboratories tumbled 6.40% after the company reportedly announced plans to rebuild its U.S. business through a series of actions on products and facilities. Novartis fell 4.27% despite receiving final approval from the U.S.FDA to manufacture and market Lansoprazole capsules in the strength of 15 milligram. Dr. Reddy's Laboratories ended down 1.32% after it reported a net loss of Rs.517 crore for the year ended March.
Engineering and construction firm Larsen & Toubro jumped 8.82% on bagging three orders worth Rs.518.20 crore from various customers in Oman. Several stocks in the construction and the infrastructure sector ended with sharp gains on hopes about increased government spending in the cash-starved infrastructure sector. Among the notable gainers, Reliance Infrastructure rose 5.81%, GMR Infra surged up 10.54%, GVK Power rallied 7.83% Nagarjuna Construction jumped 16.12%, IVRCL surged up 21.33% and Gammon India climbed 17.13%.
Tyre maker MRF slipped 0.26% after it declared a lockout at its radial tyre factory in Arakonam from Sunday due to labor unrest. Apollo Tyres ended down 0.34% after it successfully concluded the acquisition of the bankrupt Dutch company, Vredestein Banden BV, for an undisclosed amount.
Edible oil firm KS Oil rose 2.61% after the company proposed to raise Rs.450 crore from a clutch of investors and promoters through the issue of equity shares and convertible warrants.
DLF led the traded value chart with a total turnover of Rs.897.37 crore, followed by Reliance Capital (Rs.580.14 crore), ICICI Bank (537.55 crore), Reliance (Rs.505 crore) and SBI (Rs.473.96 crore).
Unitech topped the traded volume chart with a volume of over 44 million shares, followed by IFCI (33.92 million), Reliance Natural Resources (30.36 million), DLF (24.07 million) and Suzlon (20.23 million). Overall marketwide turnover stood at 1.6 lakh crore, the highest ever on record.
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