RTTNews - The Indian market recouped its intra-day loss to finish almost unchanged on Wednesday. Earlier in the day, the benchmark indexes pared all their early gains due to the weak opening of the European markets. Profit taking following sharp gains in the past few weeks also weighed on market movement.
While the BSE Sensex finished at 14,871, down 4 points or 0.03%, the S&P CNX Nifty rose 5 points or a modest 0.12% to 4,531. However, second-line indexes ended with significant gains. On the BSE, while the broad-based BSE 500 index rose 0.56%, the mid-cap index gained 1.50% and the small-cap index added 2.11%. The market breadth was fairly positive. Advancers outnumbered decliners by 2019 to 790 and 49 stocks closed unchanged.
Sector-wise, the FMCG and consumer durable indexes rallied over 4% each, the healthcare index advanced 2.28%, the metal index gained 1.79% and the capital goods index moved up 0.98%, but banking, IT and oil/gas stocks came under selling pressure.
Hindalco (up 6.09%), ITC (up 5.76%), Jaiprakash Associates (up 4.53%), Grasim (up 4.38%), ACC (up 4.38%), Reliance Communication (up 4.24%), Tata Motors (up 3.68%) and Tata Steel (up 2.92%) were the top gainers.
On the other hand, Mahindra & Mahindra tumbled 3.85%, Infosys fell 2.16%, State Bank of India declined 1.90%, ICICI Bank shed 1.74% and HDFC Bank ended down 1.71%. Reliance Industries, Reliance Infrastructure, NTPC, Bharti Airtel, DLF, HDFC and Larsen & Toubro also ended in the red.
PSL climbed 15.56% amid reports that it is in the process of raising $50 million through external commercial borrowings and equity to expand its domestic capacity. BHEL edged up 0.64% on bagging a Rs.375-crore export order for two gas turbine generating units of 126 MW each from Oman.
ACC rallied 4.38% on reporting modest improvement in cement production and dispatches for May year-over-year. Likewise, Jaiprakash Associates advanced 4.53% after its cement dispatches rose 25.7% to 8.07 lakh tonnes in May from 6.42 lakh tonnes in the same month last year.
Essar Oil jumped 8.74% on reports that it plans to raise $500 million through qualified institutional share placement as part of a $2 billion fund-raising program. GVK power rallied 6.24% after the company proposed to raise Rs.2, 500 crore through a qualified institutional share placement. Vishal Retail advanced 5% on deciding to issue up to 75,00,000 warrants to its promoter and managing director Ram Chandra Agarwal through a preferential issue.
Reliance Power rose 1.25% following reports that IDBI Bank and state-run Power Finance Corporation have agreed to lend close to Rs. 4,000 crore to the company for its proposed 4,000 MW ultra mega power project in Andhra Pradesh.
Radhe Developers was locked at the 5% upper circuit limit after its board approved a resolution to split its equity shares of face value Rs.10 each into 10 equity shares of Rs. 1/- each.
Tata Motors gained 3.68% after global credit rating agency Moody's Investors Service revised upwards outlook on the rating to 'stable' from 'negative.' Shri Lakshmi Cotsyn was locked at the 5% upper circuit limit after the company proposed to allot 25,00,000 convertible warrants to strategic investors on a preferential basis.
NALCO added 2.46% ahead of the announcement of its fourth quarter results for the financial year 2008-09. Jaihind Projects rose 4.95% after its consortium bagged new orders worth Rs.245.65 crore from Gujarat State Petronet.
Satyam Computers surged up 7.80%, a day after market regulator SEBI cleared Tech Mahindra's Rs.1, 154-crore open offer for a 20% stake in the fraud-hit company. The stock ended up more than 10% on Tuesday and its ADR jumped 21% to $2.75 on Wall Street overnight. Meanwhile, Tech Mahindra ended sharply higher at Rs.658.55, up nearly 18%.
Marg was locked at the 5% upper circuit limit after it inked a pact with BSNL to provide telecommunication facilities in the upcoming mega infrastructure project, Marg Swarnabhoomi. Nucleus Software Exports jumped 13.68% on strengthening its six-year long partnership with United Finance Company, the largest finance company of Oman.
Deccan Cements climbed 14.63% after it successfully completed a 1-million tonne per annum expansion project including an 18 MW captive thermal power plant at Bhavanipuram, Andhra Pradesh.
Shipping stocks surged after the Baltic Dry Index, a measure of commodity-shipping costs, rose to 4,106, its highest since September 2008 on Tuesday. Essar Shipping soared 9.40%, GE Shipping rallied 7.83%, Shipping Corporation of India advanced 3.96%, Mercator Lines rose 5.64% and Varun Shipping ended up 2.83%.
On the BSE, Suzlon Energy topped the traded value chart with a turnover of Rs.392.45 crore followed by Unitech (Rs.291.35 crore), Essar Oil (273.62 crore), Tata Steel (Rs.273.62 crore) and Reliance Communications (Rs.238.86 crore).
Satyam Computer topped the traded volumes with trades of 48 million shares followed by Cals Refineries (42 million), Ispat (38.75 million), Alok Industries (35.54 million) and Suzlon Energy (32.75 million) shares.
Elsewhere, the other major Asian markets ended in positive territory amid cautious trading and U.S. stocks were poised for a lackluster start Wednesday morning in New York following modest gains in the previous session. The price of oil pulled back slightly to $68 a barrel as the dollar saw some strength versus other majors.
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