Close: consolidation process on as markets absorb the results !

Sensex opened buoyant note with Wipro posting decent numbers. However profit bookings at higher levels set in and the market shed gain early in the session session plunging into negative. Weak global cues also fuelled the profit taking as investors booked profits. However value buying and short covering had the markets back and it remained ranged and volatile. There were occasional spell of selling at higher levels but it kept the market in green. Selling was seen in selective stocks in cross the board but few selective stocks in Auto, Software and Energy sectors while Pharma, Banks and Power stocks were in favor. Buying interest was also seen in Mid and Small caps. Asian indices ended flat while the European indices witnessed a mixed trend.

Sensex ended up by 17 points at 14131.34. It was helped up by gains in RCVL (442.25,+3 percent), ICICI Bk (985.75,+3 percent), L & T (1553.15,+2 percent), NTPC (139.5,+1 percent) and SBI (1222.75,+1 percent). Restricting the gains were HDFC Bk (1060.2,-3 percent), ONGC (894.55,-3 percent), TCS (1305.9,-2 percent), ITC (169.3,-1 percent) and Hindalco (168.2,-1 percent).

Weak crude prices had its impact on ONGC which slipped. Cairns however was bouyant surprisingly despite weak crude numbers. Banking sector saw gains on talks that the RBI would get the power to cut SLR sooner

As per a leading business daily, ABB has won a contract for a turnkey project worth Rs 1.9 bn from the Karnataka Power Transmission Corporation Ltd (KPTCL). ABB will implement Supervisory Control and Data Acquisition, Energy and Distribution management System for KPTCL, with a scheduled completion time of 24 months. This is the second order that ABB has bagged in the recent times. It must be noted that the total order backlog stood at Rs 35.6 bn, which is almost 1.2 times the company's total sales in CY05. The stock closed up 1.67%.

According to a leading business daily, Mahindra and Mahindra (M&M) will set up a medium and heavy commercial vehicle plant in Pune with a 51:49 joint venture with US based International Truck and Engine Corporation (ITEC). The proposed Rs 2.5 bn plant will be spread over 700 acres with a total manufacturing capacity of 250,000 vehicles annually. The JV will produce 70,000 units of medium and heavy commercial vehicles per year, which will be sold in domestic and international markets. The vehicles will be designed and developed with in house capabilities. The company wishes to establish itself as a major player in the heavy commercial vehicles not just in India but also globally. However the stock was down by more than 2% while its peer Ashok Leyland, Tata Motors and Eicher Motor were all up.

Bajaj Auto results did excite much and the margin fall was largely the disappointing factor. The stock ended

Technically Speaking: Market traded in a ranged manner. Sensex rallied between the channels of 14089 - 14185 level. However, the breadth had been in the favor of Advances as they were 1.52 times the Decliners. Volumes were decent at 4719cr. As per now the market seems to be good to touch 14400 levels but we could see a dip till 14k before it touches the 14400 levels.