Global market to provide direction!
Markets ended flat whipping off all its gains towards the end of the day led by fall in the Banking and the Auto stocks. Global cues again dictated direction for the domestic bourses as key indices opened up a huge gap on the upper side. After trading firm for major part of the trading session markets witnessed a downfall in the later half of the trading session as selling pressure in the blue chips like SBI, ACC, R Com and BHEL dragging the benchmark index to hit a low of 12510.75. Finally, closing flat at 12543 and NSE Nifty also was flat at 3643. Colgate, HDFC and SBI were the major losers, however, Dr Reddy’s Lab, IRC and Infosys were the major gainers among the 50-scrip’s of NSE Nifty.
Maruti gained 0.7% to Rs796 following reports that the company has raised prices of some car models. The scrip touched an intra-day high of Rs815 and a low of Rs791 and recorded volumes of over 9,00,000 shares on NSE.
Suzlon was down 2.7% to Rs1015. Areva raised bid for REpower, countering Suzlon Offer. The scrip touched an intra-day high of Rs1092 and a low of Rs1088 and recorded volumes of over 8,00,000 shares on NSE.
Kirloskar Brothers surged 3.5% to Rs390 after the company announced that they have received order worth Rs3.44bn from Government of Andhra Pradesh, for construction of Pumping Stations at Vasanthavada. The scrip touched an intra-day high of Rs397 and a low of Rs361 and recorded volumes of over 51,000 shares on NSE.
FMCG stocks stood firm till the end. Index heavy weights ITC surged by over 3% to Rs147, HLL was flat at Rs177, Marico advanced 3% to Rs54 and McDowell added 3.1% to Rs759.
Technology stocks ended with smart gains. Infosys surged by 3% to Rs2079, Wipro was up by 1.3% to Rs562 and Satyam Computer added 1% to Rs434. Mid-Cap stocks also were up Polaris, Rolta and Mphasis BFL were the major gainers among the Mid-Cap stocks.
Cement stocks were a mixed bag again. ACC was down by 2% to Rs731, Grasim edged lower by 0.55 to Rs2018 and Gujarat Ambuja was down 0.2% to Rs106. however, India Cement rose 1% to Rs160 and Mangalam Cement was flat at Rs149.
Select Pharma stocks looked in good health. Frontline stock Dr Reddy’s Lab advanced 3.7% to Rs672, Divi’s Lab was up 1.2% to Rs2878, Sun Pharma gained by 1% to Rs1011 and Glaxo added 0.4% to Rs1174. However, Ranbaxy was down by 0.4% to Rs311