Slim gains on Dalal Street
Volatile session ended with marginal gains. The markets started off well following strong cues from the Asian Markets and lower crude oil prices which hovered around the $52 per barrel mark the key indices lost ground as the markets witnessed volatility and selling pressure. The bank, Oil & Gas and Capital Good stocks dragged the key indices lower. However, frontline stocks like Infosys, BHEL, ITC, Tata Motors, HLL and TCS held the markets from a fall aiding the key indices to end with gains. Finally, the BSE benchmark Sensex added 26 points to close at 14209. NSE Nifty was up by 12 points to close at 4102.
Jet Airways surged higher by 7% to Rs774 after the company registered its first profit in three quarters, company posts Net profit of Rs400.4mn (down 34%) for the quarter ended Dec 31, 2006. The scrip touched an intra-day high of Rs798 and a low of Rs721 and recorded volumes of over 10,00,000 shares on NSE.
Maruti shifted in top gear, the scrip spurred by nearly over 3% to Rs938. The company announced its Q3 result with net income at Rs3.76bn (up 11%) and net sales at Rs38.64bn (up 18%). The scrip touched an intra-day high of Rs944 and a low of Rs893 and recorded volumes of over 23,00,000 shares on NSE.
FMCG stocks were in the limelight. Cigarette major ITC rose nearly by 2% to Rs178, HLL was up by 1.3% to Rs224, Britannia gained 1.3% to Rs1129 and Tata Tea added 0.6% to Rs729.
Cement stocks recorded smart gains amid reports of another round of price hike. Frontline stock ACC advanced 0.6% to Rs1115, Grasim gained 0.7% to Rs2909 and Kakatia Cement was up by 1.6% to Rs119. However, Gujarat Ambuja fell 1.5% to Rs146.
The Power stocks ended with smart gains. Suzlon Energy gained 2.5% to Rs1292 and Tata power was up 1.8% to Rs589. However, Reliance Energy lost 1.6% Rs506.
Tyre stocks also were in the limelight. Ceat rallied over 13% to Rs158 ahead of its result to be announced tomorrow and MRF advanced 2% to Rs4300.
Banking stocks ended lower on back of selling pressure. Frontline stocks HDFC Bank and ICICI bank were among the major losers. Among the Mid-Cap stocks OBC dropped 1% to Rs224, Bank of Baroda was down 0.7% to Rs233 and Union Bank dipped 0.8% to Rs117 were among the major losers.