Sensex ends firm

Despite witnessing correction for the last couple of sessions the Sensex resumed on a positive note at 14089. However, the weakness in Asian markets dampened the investor sentiment and dragged the index to its day's low of 14059. After moving in the range of 14050-14100 the market showed some strength thereafter. As the recovery process started the Sensex rebounded to positive territory by the afternoon. Substantial buying in banking, oil and capital goods stocks saw the Sensex notch up significant gains in late trades and touch the intra-day high of 14315. The Sensex finally wrapped up the session with gains of 215 points at 14296. The Nifty ended the session by adding 67 points at 4214.

The breadth of the market was positive. Of the 2,629 stocks traded on the BSE 1,403 stocks advanced, 1,144 stocks declined and 82 stocks ended unchanged. Among the sectoral indices the BSE Oil & Gas index flared up by 2.86%, the BSE Bankex surged 2.71%, the BSE CG index added 2.29% and the BSE PSU index gained 2.12%. While the other sectoral indices were up around 1% each, the BSE IT index and the BSE Teck index ended in negative territory.

The recovery in the market was led by SBI, which shot up by 4.10% at Rs1,372. Among the major gainers L&T advanced by 3.56% at Rs1,996, Tata Steel moved up by 3.38% at Rs609, Reliance Industries added 3.34% at Rs1,727, Grasim scaled up by 3.13% at Rs2,450 and Reliance Communication jumped 3.07% at Rs504. Select index stocks witnessed selling pressure. Satyam Computer was the major loser and dropped 1.80% at Rs468 and Infosys fell by 1.61% at Rs1,957. TCS, Cipla., Wipro, Hindalco and Ranbaxy also ended in the red.

Oil stocks witnessed buying support. Apar Industries scaled up by 5.43% at Rs169, Manglore Refineries jumped by 5.33% at Rs41, Gujarat Gas added 4.81% at Rs299, Chennai Petro gained 4.51% at Rs254 and Gail India was up 2.88% at Rs305. Select banking stocks, too, logged decent gains. Oriental Bank moved up by 1.32% at Rs211, Kotak Bank advanced 1.20% at Rs567, Punjab National Bank flared up by 1.06% at Rs495 and Andhra Bank gained 1.05% at Rs87.

Over 1.58 crore Decolite Ceramics shares changed hands on the BSE followed by IKF Technologies (1.14 crore shares), GV Films (77.55 lakh shares), IFCI (70.30 lakh shares) and Reliance Natural Resources (57.83 lakh shares).

Time Technologies was the most actively traded counter on the BSE and registered a turnover of Rs180 crore followed by HTMT Global Solutions (Rs165 crore), Nitin Fire Protection Industries (Rs137 crore), MIC Electronics (Rs130 crore) and Reliance Industries (Rs127 crore).