Future in favour of bulls
The Bulls ended with healthy gains, banking on impressive economy data and short covering in late afternoon trades. Fresh buying in Banking and Technology stocks towards the fag end also boosted the indices. Firm global markets once again aided the domestic bourses to surge at open but however bulls couldn’t hang on to their gains as Bomb scares in parliament and selling pressure weakened the key indices. The bulls, however against all odds gained momentum led by gains in HDFC Bank, BHEL, Bharti Airtel and Infosys. Finally, the BSE Benchmark Sensex gained 79 points, to close at 13696. NSE Nifty was up 26 points to close at 3954.
L&T slipped 1.2% to Rs1364. The company’s JV secured Rs4.56bn order from NTPC. The scrip touched an intra-day high of Rs1398 and a low of Rs1359 and recorded volumes of over 6,00,000 shares on NSE.
Parsvnath Developers one of the leading real estate developers in the country made an impressive opening on the bourses. The stock opened at Rs540 as against the issue price of Rs300, at premium of 80%. However the scrip ended at Rs526 (up 75%).It touched an intra-day high of Rs575 and a low of Rs456 and recorded volumes of over 4,00, 00,000 shares on NSE.
Reliance Communication gained 1.3% to Rs427 as reports stated that the company was setting its sights on distribution of mobile content to service provider across the globe. The scrip touched an intra-day high of Rs432 and a low of Rs421 and recorded volumes of over 79,00,000 shares on NSE.
PSL surged 1.8% to Rs205 after the company secured Rs3.08bn order to supply Carbon Steel Barc Line Pipes to BINA Refinery in Sultanate of Oman. The scrip touched an intra-day high of Rs213 and a low of Rs201 and recorded volumes of over 1,00,000 shares on NSE.
Banking stocks witness fresh buying in choppy trades. Index heavy weights like led from front. HDFC Bank, ICICI Bank and SBI were among the major gains. However Mid-Cap stocks witnessed profit booking Bank of Baroda fell by over 1.8% to Rs260, Syndicate Bank was down 0.9% to Rs81and OBC lost 0.55 to Rs245.
Technology stocks ended with smart gains. IT front runner Infosys after slipping yesterday gained 1% to Rs2179, Satyam Computer gained 1.8% to Rs459 and Wipro advanced 2.9% to Rs599. Among the Mid-Cap stocks NIIT Ltd, HCL Tech and Moser Baer were among the major gainers.
Oil & Gas stocks tumbled as petrol prices were cut by Rs2 per lite and diesel by Rs1per litre. BPCL, HPCL and IOC were among the major losers.
Pharma stocks are mixed bag. Dr Reddy’s Lab surged 2.2% to Rs750, after the company entered in an accord with Torrent Pharma for selling drug in Russia, Cipla gained 2.2% to Rs254. however Ranbaxy slipped 2.8% to Rs369 and Sun Pharma was down 2.7% to Rs1015.