Results hold the key
The markets witnessed second consecutive flat close as the key indices ended almost right from where they started. The markets were volatile and choppy as selling pressure was witnessed in heavy weights like ONGC, ITC, Infosys, ACC and Bharti Airtel. However, Banking, Capital Good and Technology stocks held the key indices from a huge fall aiding the key indices to close on a flat note. Finally, the BSE benchmark Sensex was marginally up 16 points to close at 14131. NSE Nifty was flat at 4076 hitting an intra-day high of 4196.75 and low of 4071.55. However, some stocks like L&T, Siemens, ABB, ICICI Bank, R Com, SBI and Oil refinery stocks shined in a volatile market.
ICSA India slipped 1.2% to Rs1099. The Board of Directors of the company approved increase of equity holdings of FIIs / FCCBs / FDIs from existing 49% to 74%. The scrip touched an intra-day high of Rs1174 and a low of Rs1071 and recorded volumes of over 80,000 shares on NSE.
Lupin gained 0.2% to Rs579 after the company declared its Q3 result with net profit at Rs560.3mn (26.7%) and net sales at Rs4.93bn (up 15%). The scrip touched an intra-day high of Rs595 and a low of Rs571 and recorded volumes of over 2,00,000 shares on NSE.
ABG Shipyard was locked at its highest permissible limit of 20% to Rs376.70 after the company announced plans to raise $125bn. The scrip touched an intra-day high of Rs376.70 and a low of Rs317.80 and recorded volumes of over 8,00,000 shares on NSE.
HCL Tech gained 1% to Rs646 after the company entered in to a strategic Alliance with Hewlett-Packard. The scrip touched an intra-day high of Rs650 and a low of Rs642 and recorded volumes of over 3,00,000 shares on NSE.
Banking stocks were in the limelight after Government announced that it would issue a presidential decree giving freedom to the central bank to adjust the limit on government securities that banks need to hold by the end of January. The Mid-Cap Bank led from front OBC, PNB and Canara Bank were among the major gainers. Among the heavy weights SBI was up 1% to Rs1222 and ICICI Bank gained 2.8% to Rs986 however, HDFC Bank lost 3.2% to Rs1061.
Capital Good stocks were among the major gainers. Siemens spurred by 2.3% to Rs1223, L&T surged 2.2% to Rs1555, ABB was up by 1.3% to Rs3634 and BHEL added 0.5% to Rs2270.
Metal stocks pared their intra-day gains as selling pressure dragged them down. Hindalco fell 1% to Rs168, SAIL was down 0.2% to Rs96, Sterlite Industries dropped 1.1% to Rs523 and Hindustan Zinc lost 1.7% to Rs800.
FMCG stocks witness profit booking. Heavy weight ITC slipped 1.3% to Rs169, Marico was down by 0.6% to Rs572, McDowell edged lower 0.5% to Rs815 and Tata Tea lost 0.2% to Rs727.