RTTNews - Short covering at lower levels helped the Indian market end a volatile session modestly higher on Tuesday. Favorable Asian cues for the second straight day and Finance Minister Pranab Mukherjee's talk that FY10 growth would be above 6% despite deficient monsoon rains, also offered some support.
The BSE Sensex moved in a range of 15,219-14,864 before finishing at 15,075, up 65 points or 0.43% and the S&P CNX Nifty rose 34 points or 0.76% to 4,471.
On the BSE, the small-cap index advanced 0.55% and the mid-cap index by 1.10%, outperforming large-caps. The market breadth was fairly positive, as gainers outnumbered losers by 1356 to 1282, with 95 stocks closing unchanged.
Stock-wise, while auto, realty and metal stocks led the market higher after recent losses, public sector stocks closed on a subdued note. IT, consumer durable, capital goods, FMCG and banking stocks, meanwhile, ended with modest gains.
Among the top gainers, Tata Motors surged up 6.81%, Mahindra & Mahindra rallied 3.55%, Hindalco advanced 3.38%, Maruti Suzuki rose 3.23% and Bharti Airtel ended up 2.23%. Tata Power, Tata Steel, Sun Pharma, Hindustan Unilever, SBI, ACC, ITC and Reliance Industries were the other prominent gainers.
On the other hand, Jaiprakash Associates fell 2.64%, HDFC eased 1.11%, NTPC declined 0.88%, ONGC gave off 0.70%, Wipro shed 0.64% and ICICI Bank edged down 0.38%. Hero Honda Motors, Infosys, Grasim, Reliance Infrastructure, DLF, HDFC Bank and BHEL also ended in the red.
Tata Motors jumped nearly 7% on reports that it has secured a debt facility of £75 million for its Jaguar and Land Rover (JLR) operations. Satyam Computer Services rose 2.01% after the Supreme Court dismissed a petition by Satyam investors seeking compensation for losses suffered because of an alleged fraud.
GMR Ferro Alloys & Industries edged down 0.20%, while GMR Industries climbed 9.76% and the flagship GMR Infrastructure rose 1.24% on reports the group is considering listing its global holding company on the London Stock exchange
IDBI Bank advanced nearly 2% after it lowered the interest rates on its domestic deposits by up to 50 basis points across various maturities.
Ranbaxy Laboratories soared 6.17% and Natco Pharma jumped 19%, while Cipla ended down 0.48% on speculation that the government will allow drug makers to sell low cost anti-flu medicine Tamiflu directly to the consumers in the next two weeks.
Ranbaxy Laboratories said that it has received final approval from the U.S.Food and Drug Administration to make and sell sumatriptan succinate tablets, used to treat migraine.
Bharat Forge rallied 7% on reports that it may close an unviable plant in Europe. Voltas added 4.43% on reports that it is contemplating setting up a subsidiary company in Saudi Arabia.
Gammon Infrastructure Projects was locked at the 5% upper circuit limit after its board approved a 5-for-1 stock split. Consolidated Construction Consortium rose 2.17% after bagging a contact worth Rs. 431 crore.
Tata Steel advanced 1.57% on reports that it has cut prices of long steel products by up to Rs.1,500 a tonne to match prevailing market rates. Tech Mahindra rallied over 7% on reports a joint venture of the company has bagged a multi-million dollar overseas contract.
Gujarat NRE Coke said that its Australian arm Gujarat NRE Minerals is in the final stages of commissioning its longwall mining at NRE Wongawilli Mine in New South Wales. The stock closed up over 1%.
On the BSE, Reliance topped the traded value chart with a turnover of Rs 831.11 crore, followed by ICICI Bank (Rs 681.19 crore), Jaiprakash Associates (Rs 627.79 crore), Tata Motors (Rs 612.13 crore) and Tata Steel (Rs 578.88 crore).
Unitech topped the volume chart with trades of over 64.16 million shares, followed by Suzlon (56.78 million), Ispat Industries (47.3 million), GVK Power & Infrastructure (35.28 million) and IFCI (35.18 million).
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