RTTNews - After trading lower for most part of the day amid weak Asian cues, the Indian market edged up to close modestly higher on Wednesday on the back of gains in consumer durable, oil/gas and IT stocks. Select public sector, healthcare and metal stocks also showed modest gains, but considerable amount of profit taking in realty, auto and FMCG stocks following concerns about monsoon rains and stretched valuations restricted big gains.
The BSE Sensex moved in a range of 15,973-15,695 before finishing at 15,904, up 73 points or 0.46% and the S&P CNX Nifty rose 14 points or 0.29% to 4,694.
On the BSE, the mid-cap index rose 0.12%, the broad-based BSE 500 index gained 0.34% and the S&P 500 index added around 1%. Gainers outnumbered losers by 1613 to 1062, with 92 stocks closing unchanged.
ONGC(up 4.50%), Wipro(up 3.25%), ACC(up 2.74%), Infosys(up 2.49%), Sun Pharma(up 2.01%), Reliance Infrastructure(up 1.98%), Reliance Industries(up 1.67%), Grasim Industries(up 1.56%)and Tata Motors(up 1.46%) were the top gainers.
On the other hand, Maruti Suzuki fell 3.10%, Hindalco declined 1.86%, DLF eased 1.74%, HDFC Bank gave off 1.54%, Hindustan Unilever shed 1.29%, HDFC lost 1.22%, Reliance Communication edged down 1.01% and ITC slipped 0.92%.
BHEL, Hero Honda Motors, Mahindra & Mahindra, SBI, Tata Steel, Larsen & Toubro, NTPC, Jaiprakash Associates and TCS also ended in the red.
Pantaloon Retail India ended down 0.59% on reports that it has planned a capital expenditure of Rs.700 crore for the current fiscal year. Wipro advanced 3.25% on reports that it has expanded its partnership with U.S. apparel retailer Charming Shoppes Inc. to provide information technology services.
Sterlite Industries rose 1.39% on speculation that it may get the support of rival bidder Harbinger Capital Partners in its takeover plan for the bankrupt U.S. copper miner Asarco. Larsen & Toubro has reportedly sought permission from market regulators to sell its 12% stake in Mahindra Satyam. The stock ended down 0.31%.
Aegis Logistics rallied 4.92% to Rs.129.10 after it proposed to buy back a maximum of 1.17 million shares at a price not exceeding Rs.143 per share. Deccan Chronicle Holdings slipped 0.53% to Rs.103 after it proposed a Rs. 180-crore share buyback at a maximum price of Rs.100 per share.
Sugar stocks ended sharply higher across the board on speculation that open market prices would surge beyond Rs.30/kg soon. Among the top gainers, Balrampur Chini rallied 4.14%, Bannariamman surged up 6.74%, Dwarkesh advanced 3.90%, Oudh gained 3.60%, Ponni jumped 7.28%, Sakthi climbed 5% and Thiru Arooran soared 9.57%.
Infosys Technologies rose 2.49% on reports that it is pursuing contracts worth $1 billion and may look at acquisitions in places such as Europe, Latin America, the Middle East, Japan and Australia. Dr Reddy's Laboratories ended up 0.74% after it launched Finrid (Fentanyl Transdermal Patch), used in the management of severe to moderate pain, in India.
Dabur India edged up 0.11% after it launched its ayurvedic range of skin care products under the brand name Uveda. Jayshree Chemicals rose 1.96% after its board approved raising funds up to Rs.40 crore by issuing equity shares on a rights basis to part finance the setting up of a 152-tpd caustic soda plant.
Kanoria Chemicals & Industries added nearly 1% after it entered into a joint venture with Soluciones Extractivas Alimentarias S.L.A., Spain to set up a flavor & fragrance manufacturing facility at Visakhapatnam.
Allied Digital Services gained 1.60% after it announced the launch of Cloud Computing Management and Security Services for large enterprises and hosting service providers globally. Lanco Infratech fell 1.88% to Rs.403.80 after it approved the issuance of up to 18,418,587 equity shares at a price of Rs.394.90 per share to qualified institutional investors.
Uttam Galva Steels advanced 1.81% on reports it has hiked galvanized steel prices by Rs 2000 per tonne in the domestic market with immediate effect. ING Vysya Bank fell 3.07% after the execution of few block deals on the stock exchanges. PVR was locked at the 10% upper circuit limit after Reliance Media and Entertainment Fund acquired five lakh shares of the company at Rs 103 each in a block deal on Tuesday.
Elsewhere, the other Asian markets snapped their gains and ended in negative territory as traders preferred to lock gains ahead of earnings and key economic numbers later in the week. European markets were trading in positive territory after opening slightly weaker, led by banks after France-based bank Societe Generale reported better than expected earnings results, while U.S stock futures point to a flat opening Wednesday morning.
Light sweet crude oil price for September delivery fell modestly to $71.07 a barrel in late Singapore trading, down $0.35 from its previous $71.42 a barrel close in New York on Tuesday.
For comments and feedback: contact email@example.com