Flat close on D-Street
The bulls managed to scrape through with modest gains in a highly volatile trading session. After a fine opening, volatility and selling pressure dragged the BSE benchmark index lower to hit an intra-day low of 13847.67. However, markets recovered from day’s low on back of buying in Reliance Industries and Technology stocks. Finally, the BSE benchmark Sensex closed flat at 13949. NSE Nifty closed flat at 4015. Other than Technology index all the other indices ended lower, with BSE Consumer Durable and Pharma index being among the major losers.
L&T edged higher 0.2% to Rs1462as the company seeks special status to bid for defense contracts. The scrip touched an intra-day high of Rs1475 and a low of Rs1440 and has recorded volumes of over 7,00,000 shares on NSE.
Reliance Industries gained 0.2% to Rs1281 as reports stated that the company won two exploration blocks in Yemen. The scrip touched an intra-day high of Rs1298 and a low of Rs1270 and recorded volumes of over 31,00,000 shares on NSE.
Gujarat Ambuja fell by over 1.2% to Rs140. The company’s Cement November shipment was up 9% yoy at 1.31mn tons. The scrip touched an intra-day high of Rs143 and a low of Rs138 and recorded volumes of over 40,00,000 shares on NSE.
Indian Oil slipped 2.9% to Rs442. The company is in talks with Reliance Industries for City Gas distribution. The scrip touched an intra-day high of Rs460 and a low of Rs441 and recorded volumes of over 66,000 shares on NSE.
Pharma stocks were in bad health as selling pressure dragged them down. Cipla fell 1.8% to Rs248; Dr Reddy’s Lab was down 1.5% to Rs756 and Lupin dropped by over 1.2% to Rs549.
FMCG stocks were also on the receiving end. Colgate lost 2.4% to Rs383, Marico slipped 1.9% to Rs540, ITC dropped 1.1% toRs188 and Goderej Consumer lost 1.1% to Rs156.
Technology stocks the sole gainer, led by the Mid-Cap stocks HCI Infosystems rose 2.7% to Rs170, Polaris gained by over 1.7% to Rs133 and HCL Tech added 0.8% to Rs640. However among the heavy weights Infosys and Satyam Computer were the major gainers.
Metal stocks pared their intra-day gains towards the end on back of profit booking. Tisco, Hindustan Zinc, Sterlite Industries and National Aluminum were among the major losers.