RTTNews - The Indian market ended a volatile session modestly higher on Friday, helped by advances in the overseas markets and strong investor sentiment after the UPA government unveiled its roadmap on economic reforms. Trading was volatile due to intermittent profit taking and caution ahead of the release of U.S. employment report later in the day.

After opening higher at 15,040, the BSE Sensex dipped into the red for a while in early trading before bouncing back to hit a high of 15,257 in the afternoon. Since then, the index pared some of its gains and closed at 15,104, up 95 points or 0.63% from its previous close. Likewise, the S&P CNX Nifty rose 14 points or 0.31% to 4,587. For the week, the Sensex rose 3.2%, its 13th straight weekly rise and the longest since August 2005.

However, small-cap stocks saw some profit taking after recent sharp gains. While the broad-based BSE 500 index rose 0.30%, the small-cap index slipped 1.02% and the mid-cap index moved down 0.67%. The market breadth was slightly positive. Advancers outnumbered decliners by 1519 to 1318 and 54 stocks closed unchanged.

Sector-wise, capital goods, IT and auto stocks led the gainers with over 2% gains, while realty and metal stocks bore the brunt of the selling pressure.

Among the major gainers, Grasim Industries jumped 6.06%, Tata Motors climbed 5.31%, BHEL rallied 5.30%, Larsen & Toubro advanced 4.35%, Infosys rose 3.91% and Tata Power ended up 3.82%.

Hindalco, Mahindra & Mahindra, Sun Pharma, ACC, ICICI Bank, HDFC Bank, TCS, Sterlite, and Bharti Airtel were the other prominent gainers.

On the other hand, ITC plunged 5.46%, Reliance Infrastructure fell 3.66%, State Bank of India declined 3.09%, DLF eased 1.95%, Reliance Industries moved down 1.94%, Tata Steel shed 1.44% and NTPC lost 1.17%, while Reliance Communication, HDFC and Jaiprakash Associates edged down less than 1% each.

State-run bank SBI fell 3.09% on reports that it along with a clutch of public sector banks is bailing out cash-strapped Kingisher Airlines with loans of Rs.2, 000 crore against corporate guarantees and a personal guarantee extended by Kingfisher chairman Vijay Mallya. SBI's share of the loans is around Rs.900 crore, it was said. On the other hand, Kingfisher ended up 1.76%.

ICICI Bank ended up 2.30% a day after it cut its benchmark lending rates by 50 basis points. Diversified business conglomerate ITC slumped 5.46% after the Maharashtra state government increased tax on tobacco products, excluding bidi and un-manufactured tobacco, to 20% from 12%.

Orissa Sponge ended down 0.31% after the Company Law Board directed the company to consider Bhushan Group's right to convert warrants owned by it in the sponge iron company into equity shares. Meanwhile, Bhushan Steel rallied 11.16% to Rs.840.45.

Bharti Airtel rose 1.56%, shrugging off reports that the government has asked the telecom company to furnish formal papers/details about its proposed $23-billion deal with South African operator MTN for legal scrutiny.

Oil services firm Aban Offshore jumped 8.46% on reports about corporate debt restructuring with banks. Indage Vintners was locked at the 5% upper circuit limit after the company denied stake sale reports to Japanese beer maker Asahi Breweries and Indian entrepreneur Ravi Jain.

Stocks of multiplex operators jumped amid reports that a 2-month old standoff between Bollywood producers and multiplexes over revenue sharing has come to an end. While Inox Leisure, PVR and Pyramid Saimira rallied around 5% each, Adlabs rose 0.95% and Cinemax India gained 2.52%

Software company 3i Infotech ended up 0.42% after it announced the setting up of a wholly owned BPO subsidiary to provide services to the banking, financial, insurance and telecom sectors in India.

Edible oil maker K S Oils tumbled 5.81% to Rs.61.65 after Citigroup Venture Capital International Growth Partnership Mauritius sold 30 lakh shares of the company through a block deal at a price of Rs.62.23 per share on the BSE on Thursday.

Ready-to-wear apparel manufacturer Zodiac Clothing Company climbed nearly 20% to Rs.354.85 after Reliance Capital Asset Management acquired 85,305 shares of the company through a bulk deal at a price of Rs. 258.84 per share on the BSE on Thursday.

Hindustan Zinc ended up a modest 0.05% on hiking prices of zinc and lead by Rs.1, 100 and Rs.5, 400 a tonne, respectively. Oil explorer Cairn India rose 3.21% and ONGC gained 1.10%, but Reliance Industries ended down 1.94% after Goldman Sachs raised its end-2009 oil price forecast price to $85 a barrel.

Sugar stocks ended sharply higher across the board. Among the major gainers, Bajaj Hindusthan jumped 8.92%, Bannariamman climbed 14.95%, Oudh Sugar rallied 4.69% and Sakthi Sugar advanced 5%.

On the BSE, JP Hydropower topped the traded value chart with a turnover of Rs.312.14 crore followed by Suzlon (Rs.308.33 crore), Unitech (Rs.308.01 crore), Reliance Capital (Rs.281.67 crore) and Reliance (Rs.219.30 crore).

Cals Refineries topped the traded volumes chart with trades of 86.12 million shares followed by JP Hydropower (32 million), Unitech (30.50 million), Satyam Computer (26.57 million) and Ispat (22.82 million).

Elsewhere, the other Asian markets also ended notably higher, European stocks were firm in early trading on rising commodity prices and Wall Street was on pins and needles Friday morning in New York ahead of the release of the all-important monthly jobs report from the U.S. government.

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