Sensex ends 13 pts up in listless trade; IT stocks rise
24 Dec 2012
The BSE benchmark Sensex ended 13 points higher as gains in Tata Motors and IT stocks marginally outweighed the losses in ONGC, ITC and Reliance Industries. After trading in a tight 110-point range, the Sensex closed 13.09 points higher at 19,255.09. Brokers said trading volumes declined as investors turned cautious ahead of the market holiday tomorrow on account of Christmas.
Tata Motors, which gained around 2.4 per cent, led the 12 Sensex gainers. Infosys, TCS and Wipro rose in 1.1-1.7 per cent range on account of buying after recent correction. "Investors remained cautious....as they took to profit-booking in some of the major stocks like RIL, ONGC, HDFC and Maruti which kept pressure on the upside. "European and Asian indices were mixed and did not provide any concrete cues for domestic market," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Ltd.
The broad-based National Stock Exchange index Nifty advanced by 8.05 points to close ar 5,855.75. Among sectors, The BSE-Teck sector index gained the most (0.95 per cent), followed by realty sector index (0.91 per cent), IT sector index (0.87 per cent) and Healthcare index (0.81 per ent).
Key indices meandered in dull trade Monday afternoon, as traders avoided taking up huge positions in a week marked by Christmas holiday on Tuesday and derivatives expiry on Thursday.
The BSE Sensex was up 42 points at 15284 and the Nifty up 9 points at 5857. Nifty December futures, which were quoting at a premium of 22-25 points over spot earlier in this series, are now quoting at a premium of less than 10 points. However, Nifty January futures are quoting at a premium of over 50 points to spot, indicating a bullish near term outlook on the market.
Lanco shares were up 6 percent, retaining much of the gains made earlier in the day, on a news report that the company was looking to sell one of its power plants to reduce debt.
Glenmark Pharma shares were up 4 percent at Rs 518, following the company signing a deal with Forest Laboratories to develop inhibitors to treat chronic inflammatory conditions, including pain. The stock hit a 52-week high of Rs 527 earlier in the day.
IT, realty and pharma shares were among the better performers, while capital goods, banking and oil & gas shares were under pressure.
The BSE Sensex is up 0.25 percent and the Nifty gains 0.17 percent higher, tracking steady Asian markets.
Export-driven technology shares leading gains on the back of short covering as recent underperformance was seen overdone.
Infosys gains 1.2 percent after falling 5.75 percent this month as on Friday's close, while Tata Consultancy Services up 0.8 percent.
Shares in State Bank of India gain 0.8 percent on media reports the government has approved fund infusion of 30.04 billion rupees for the state-run lender.
Glenmark Pharmaceuticals shares up 2 percent , following news the unit entered into a development agreement with Forest Laboratories, which will make upfront payment of USD 6 million to the Indian drug maker.
Key equity indices were firm, but in thin trade because of the ongoing holiday season. The 30-share Sensex was up 58 points at 19300, and the Nifty was up 15 points at 5862.
Sun Pharma, Infosys and Bajaj Auto led early gainers in the Sensex, up 1-2 percent. Madras Cements, DB realty and India Infoline were the midcap leaders, rising 3-5 percent.
Lanco Infratech shares were up 7 percent on a report in The Economic Times that the company was talks with JSW Energy and Adani Power to sell a power plant in Karnataka to raise cash and ease its debt burden.
With a 25 percent rise in key indices so far this calendar, India has been among the best performing markets globally.
Sentiment has improved considerably over the last couple of months, but brokers feel liquidity more than fundamentals will be the driving force near term.
