RTTNews - The Indian market closed an extremely volatile session lower on Monday. An intra-day rebound proved short lived, as weak global cues and continued profit taking weighed on investor sentiment. Trading remained choppy all through the day ahead of the expiry of May series F&O expiry on Thursday. Second-line stocks continued to outperform frontline stocks.
After trading choppily in a range of 14,028-13,819, the BSE Sensex finished modestly higher at 13,913, up 26 points or 0.19% from its previous close. Meanwhile, the S&P CNX Nifty pared all its early gains to close at 4,238, down 0.02%.
On the BSE, the broad-based BSE 500 index rose a little over 1%, the mid-cap index gained 2.83% and the small-cap index jumped 5.01%. The market breadth was extremely positive. Advancers outnumbered decliners by 2469 to 315 and 30 stocks closed unchanged. Sector wise, while consumer durable and realty stocks jumped more than 4% on an average, IT and select technology stocks ended in the red.
Among the major gainers, Ranbaxy Laboratories surged up 20.73%, Jaiprakash Associates jumped 7.16%, Sterlite Industries soared 5.94%, DLF rallied 5.42% and ITC advanced 3.60%.
Tata Power rose 3.04%, Sun Pharma gained 2.14%, Reliance Communication added 2.12% and Tata Steel ended up 1.50%.
Maruti Suzuki, Reliance Infrastructure, BHEL, Hindalco, Mahindra & Mahindra, Reliance Industries, Larsen & Toubro are the other prominent gainers.
On the other hand, Bharti Airtel tumbled 5.41%, NTPC fell 1.66%, HDFC declined 1.63%, Grasim Industries moved down 1.63% and ACC slipped 1.06%. HDFC, Infosys, State Bank of India, ONGC, Wipro and TCS also closed in negative terrain.
Ranbaxy Laboratories soared 21% after Daiichi Sankyo took complete control of the firm. Telecom firm Bharti Airtel tumbled over 5% on concerns about dilution in share holder earnings after the company revealed plans to buy a 49% stake in south Africa's MTN.
Property developer Parsvnath Developers was locked at the 10% upper circuit limit after the company proposed to raise up to Rs.2, 500 crore by way of qualified institutional placement (QIP). Ansal Infrastructure surged up 9.91%, Unitech jumped 8.28%, DLF advanced 5.42% and Akruti City rose 4.99% an
Anil Ambani group company Reliance Infrastructure ended up 0.97% after its board approved a new preferential offer of 43 million shares to the company's promoters, convertible at Rs.1, 000 a share. The group companies Reliance Communication and Reliance Capital closed higher by nearly 2% each.
State-run oil explorer ONGC ended down 0.59% on reports that it will lose about Rs. 14,000 crore if it is forced to continue in Cairn India's prolific Rajasthan oilfields.
Among state run oil-marketing companies, HPCL rallied 5.78%, BPCL advanced 3.93% and IOC surged up 8.72%.
In the consumer durable segment, Gitanjali Gems climbed 18.78%, Videocon Industries soared 11.82%, Rajesh Exports jumped 9.59% and Titan Industries rose 2.67%.
State-owned power equipment maker Bharat Heavy Electricals closed up 0.90% on bagging an order worth Rs.703 crore from Ideal Energy Projects for 270-megawatt (MW) thermal power plant in Maharashtra.
Hindustan Dorr Oliver advanced 5% on bagging an order worth Rs.24.5 crore from National Aluminum Corporation for its Phase II expansion project at Alumina Refinery, Damanjodi, Orissa.
Wind turbine maker Suzlon Energy tumbled 5.37% after 6.06 crore shares, or 4.05% equity changed hands in a block deal on the BSE at Rs.91.60 per share. Era Infra Engineering jumped 20% on bagging an order worth Rs.81.04 crore.
Godrej Industries rallied 5% after the company started buyback of its own shares from Monday. Aditya Birla Nuvo gained 2.96% on resuming normal production at its Jagdishpur plant.
Construction firm Jaiprakash Associates jumped 7.16% after the company's promoters revoked more than 2.44 crore shares representing 2.07% of the equity capital of the company. Tourism Finance Corporation of India climbed 16.59% after its net profit for the year ended March rose 33% year-over-year.
Suzlon topped the traded value with a total turnover of Rs.740.64 crore followed by Reliance Natural Resources (Rs.271.48 crore), DLF (Rs.198.36 crore), Reliance (Rs.196.83 crore) and Bharti Airtel (Rs.192.99 crore).
Suzlon also led the traded volume with trades of over 84 million shares followed by Reliance Natural Resources (33.69 million), Ispat Industries (27 million), Unitech (22.84 million) and IFCI (16.42 million).
Else where, the other markets across the Asia-Pacific region ended mostly in the green, led by resource stocks after the price of commodities in London Metals Exchange ended higher on Friday.
European stocks were trading in the red for a third straight session, dragged lower by banking and oil stocks. Volumes were relatively thin with the markets in U.S. and the U.K. closed for holiday.
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