Auto and oil gears up markets

The benchmark Sensex started the day almost flat with a positive gap of three points at 14514. Mixed global cues and fear of recession ruled the sentiment leading to selling in front-line and fast moving consumer goods stocks dragging the index to its day's low of 8788 by mid-morning. However, firm opening in European markets and sustained buying in select heavy weights, auto and oil & gas stocks turned the tide and Sensex entered the positive territory to touch the day’s high of 8998. But, the index remained range-bound though with a positive bias thereafter due to some profit booking at higher levels and lack of buying interest. Sensex closed the session 52 points up at 8955 and the broader Nifty ended 23 points higher at 2786.

Ten out of 13 sectoral indices at BSE were up for the day, with BSE Auto leading the upsurge, posting 2.74% gains. BSE Oil & Gas (up 1.28%) and BSE Teck (up 1.21%) occupied the second and third slot respectively. However, BSE Bankex tumbled 2.15% and BSE CD lost 1.33%. The market breadth was negative. Of the 2,448 scrips traded on the BSE, 1,341 stocks declined, whereas 1,014 stocks advanced. Ninety four stocks ended unchanged.

Among Sensex stocks, auto major Tata Motors was the lead gainer soaring by 7.26% at Rs150. Maruti Suzuki India advanced 5.02% at Rs696.05, Grasim Industries moved up by 3.67% at Rs1,458.85, Reliance Communications jumped 2.95% at Rs159, ONGC shot up by 2.66% at Rs715.25, Sterlite Industries added 2.37% at Rs253 and NTPC rose 2.30% at Rs184.20. Among laggards, Ranbaxy Laboratories dropped 18% at Rs169.95, ICICI Bank shed 4.63% at Rs324.75, HDFC declined by 3.41% at Rs1,211.65 and Hindalco Industries lost 3.12% at Rs38.80.

Over 80.02 lakh shares of Unitech changed hands on BSE followed by Satyam Computer Services (76.18 lakh shares), DLF (64.80 lakh shares), Suzlon Energy (61 lakh shares) and Ranbaxy Laboratories (60 lakh shares).