Close: A ranged day as markets consolidate position !

Markets opened strong on the back of positive markets then and traded ranged in the later session. Opening was positive on the back of positive Global cues. Industrial growth data released helped market hold positive grounds. However in mid sessions, market lost some gains as investors chose to book profits at the higher levels. Buying was seen in Telecom, Auto and Engineering stocks, while Banking, FMCG and Cement continued to witness selling pressure. Domestic forces were at play and liquidity outflow expected because of Advance tax kept interest limited. The Asian Indices ended in green and the European markets also supported.

Sensex closed up by 18 points at 12902.63. It was helped up by gains in Bharti Tele (769.75,+3 percent), TCS (1238.3,+2 percent), L & T (1509.65,+2 percent), Cipla (232.7,+2 percent) and ONGC (793.4,+2 percent). Restricting the gains with Guj Ambuja (105.2,-4 percent), ACC (747.6,-4 percent), ITC (149,-3 percent), HDFC Bk (951.25,-3 percent) and Grasim (2014.25,-3 percent).

Greenply was up over 5% for the day. This is one company we have been bullish on. Do read our research note which was rerun today. The company is expanding and benefits of the same will be felt in the bottomlines in the years ahead.

Century was one cement stalwart which was positive in a weak environment for cement. Its the property story which was at play here. Look for more gains here. !

Energy stocks traded in positive. GAIL the gas utility major has signed a pact with state-run exploration and production major ONGC to market gas produced by the latter from its oil and gas blocks in the Krishna Godavari and Mahanadi basins. The two entities are likely to float a new joint venture for the purpose. The pricing of and quantum of the gas, which is yet to be worked out, would depend on ONGC's development plans. Recent exploratory efforts by ONGC have led to the discovery of gas in the KG offshore basin; however, the estimated reserves are yet to be confirmed. Production would depend on commercial exploitation of the discoveries and their subsequent development plans. The tie-up will allow GAIL to have access to new source of gas and will also enable it to better utilize its existing network of pipelines as well as expand its infrastructure. Additional sourcing of gas would also help GAIL conceptualize new networks in the markets of Andhra Pradesh and neighboring states. Also the joint venture approach would help GAIL limit its capital risk for any large-scale infrastructure projects it undertakes. GAIL ended 1% lower while ONGC closed up 1.8%.

Telecom sector traded mixed as Bharti Airtel has planned a capital investment of US$ 8 bn by the year 2010. The company has been spending nearly US$ 2 bn per annum over the past few years and by this announcement has proposed to continue doing so in the medium term as well. The company plans to add about 20,000 base stations by the end of FY08 and another 30,000 by the end of FY09. The company targets to increase its subscriber base by nearly fourfold to 125 m subscribers by the end of FY10 from its current base of 35 m (as on February 2007). Stock ended up by 3%.

Technically Speaking: It was a range session for the whole day before closing. Sensex touched intraday high of 13056 and low of 12844. Sensex had an inside day today. Any move above or below Friday's close will give a new direction to the market. The levels to watch are 13105 on the higher side and 12850 on the lower side. Resistance at 13034, 113151 level. Support at 12822, 12727 levels. Market turnover stood at Rs 3395 cr. Overall breadth was in favor of Advancers where the Advancers were 1543 against Decliners of 1032.