The benchmark for the Indian market, the Sensex finished modestly lower on Tuesday, as investors took some profits after a strong rally in the previous session. Trading remained extremely volatile on alternate bouts of buying and selling. While the BSE Sensex closed almost flat at 12,131, down 4 points or 0.03%, the S&P CNX Nifty rose 8 points or 0.22% to 3,662.

However, the broader market showed significant strength, with the small-cap and the mid-cap indexes on the BSE rising nearly 2% each. The market breadth also remained fairly positive, with advancers outnumbering decliners by 1621 to 919. Sector wise, while defensive FMCG and IT stocks bore the brunt of the selling, the realty index jumped 8.63%, the metal index rallied 3.50% and the banking index advanced 2.36%. Select stocks in the capital goods, power and consumer durable sectors also ended firm.

Among the major losers, HDFC slumped 5.04%, ITC tumbled 3.94%, Mahindra & Mahindra declined 2.96%, Infosys fell 2.84%, TCS drifted down 2.51% and State Bank of India moved down 1.65%.

However, DLF surged up 11.36%, Tata Steel jumped 8.80%, ICICI Bank soared 7.64%, Tata Motors rallied 5.95% and Reliance Infrastructure advanced 5.86%. Ranbaxy, Reliance Communication, Larsen & Toubro, Hindalco, BHEL, Wipro, Sterlite and Jaiprakash Associates also ended in positive terrain.

Larsen & Toubro rose 2.77% after the company proposed to form a joint venture with Europe's EADS Defence and Security for defence electronics in India. Maytas Infrastructure was locked at the 5% upper circuit limit after a government appointed board took charge of the company.

Swaraj Engines slipped 0.24% despite posting a 48% rise in its net profit to Rs.21.30 crore for the twelve months to March compared to Rs.14.40 crore in the previous year. Strides Arcolab jumped 6.76% after it commenced commercial supplies of Oseltamivir Capsules for treatment of Influenza-A (HIN1) Virus (Swine Flu).

National Aluminum Company gained 1.89% even as it expressed fears that its alumna production might come down by 35 per cent following a drop in bauxite supply from its Panchpatmali mines in the aftermath of the Maoist attack.

Allahabad Bank added 1.84% on reporting a 56% increase in its net profit to Rs.264.09 crore for the fourth quarter ended March from Rs.169.51 crore in the corresponding quarter last year. IndusInd Bank surged up 6.36% after its net profit for the March quarter climbed more than two times to Rs.50.52 crore from Rs.14.45 crore in the same quarter a year ago.

ECE Industries surged up nearly 10% to Rs.143.45 following the execution of a block deal at Rs.133 per share on the Bombay Stock Exchange. Anu's Laboratories jumped 7.93% after the company set the record date for a 10-for-1 stock split.

Suzlon Energy soared nearly 10% after the company raised its stake in Germany's REpower Systems to 76%. Tata Steel climbed 8.80% on reports that it has raised prices of long steel products effective May 1.

Cement stock ACC, Ambuja Cement, Grasim and Ultratech closed in the red after their cement dispatches rose modestly in April year-over-year.

Sugar stocks soared across the board on expectations of higher domestic sugar prices amid reports that India's sugar production will decline by about 44% to 14.8 million tonnes during the current season ending September 2009 from 26.5 million tones in the corresponding season a year ago.

HDFC tumbled a little over 5% on profit taking after Deutsche Bank AG cut rating on the stock to 'hold' from 'buy'. The stock jumped nearly 14% on Monday after its quarterly results beat market expectations.

Century Enka was locked at the 5% upper circuit limit after the company reported a net profit of Rs.11.67 crore in the fourth quarter ended March from Rs.0.80 crore net loss in the same quarter last year.

Cadila Healthcare gained 2.43% after it received approval for Mycophenolate Mofetil tablets and capsules from the U.S. FDA. Ranbaxy advanced 3.90% after it launched phase-III clinical trials for its Anti-Malaria drug Arterolanc Maleate Piperaquine phosphate in India, Bangladesh and Thailand.

TCS fell 2.51% on reports that Chrysler, the bankrupt US automaker, is planning to scale down its offshore outsourcing projects to the company in the near term. Reliance Petroleum slipped 0.64% after it raised 5 billion rupees by selling three-month commercial paper.

Elecon Engineering closed flat on heavy volumes after it bagged an order worth Rs. 11.14 crore from BGR Energy Systems, Chennai. Multiplex cinema operator Pyramid Saimira jumped 5%, Adlabs Films rose 3.31% and PVR rallied 5.05% amid expectations that an ongoing standoff between producers and multiplex chains would end after a meeting scheduled later in the day.

ICICI Bank led the traded value with a total turnover of Rs.324 crore followed by Reliance Capital (Rs.298.19 crore), Unitech (Rs.251.63 crore), DLF (Rs.214.95 crore) and Reliance (198.39 crore). Unitech topped the traded volume chart with trades of 46.98 million shares followed by Suzlon Energy (22.08 million), Reliance Natural Resources (21.50 million), IFCI (18.75 million) and HDIL (11.43 million).

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