Market closes higher, Sensex increases 9 points

MUMBAI — The Sensex finally ended in the green after suffering from a high degree of volatility right from the word go. It was in the red for a significant portion of the day's session. PSU stocks advanced in late afternoon session of trade, buoyed by optimistic statements from the Finance Minister.

By Our Correspondent

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Published: Fri 9 Feb 2007, 10:02 AM

Last updated: Sat 4 Apr 2015, 9:53 PM

The 30-shares BSE Sensex rose a marginal 8.96 points, to an all-time closing high for the Sensex at 14,652.09. In early-trade, the Sensex struck a new all-time high of 14,697.69, surpassing its earlier all-time high of 14,663.26 attained only on Wednesday.

After striking an all-time high on the back of a firm opening, the Sensex had slipped into the red partly tracking weak Asian markets, and partly on profit-taking after a solid surge of late. This continued till the benchmark index touched a low of 14,523.16, only to rebound sharply due to bottom-fishing.

The S&P CNX Nifty lost a negligible 0.85 points, to 4,223.40. It had surged to an all-time high of 4,245.30, in early-trade. The Nifty began the trading session in positive territory, but could not withstand the higher levels. It drifted into negative territory in early trade. Technically, the next resistance for Nifty is 4,250, on surpassing which the next target is 4,300 and 4,335. On the downside there is support in the 4,180 — 4,160 range. As long as the index closes above 4,160, the bias remains positive.

The market-breadth was sharply negative after being positive in the opening session, as heavy selling emerged for small-cap and mid-cap stocks. There were over 1.5 losers for every gainer on the BSE. For 1,613 shares declining on BSE, 1043 advanced. Just 59 shares were unchanged.

The BSE Mid-Cap Index ended at 6,173.55, down 13.31 points (0.22 per cent), while the BSE Small-Cap Index settled 46.74 points (0.61 per cent) lower, at 7,651.07.

The BSE clocked a turnover of Rs4466 crore.

Among the 30-Sensex pack, 17 advanced while the rest declined.

Hindalco Industries was the top loser, down 3.68 per cent to Rs175.20, on a high volume of 13.97 lakh shares. The stock had slipped from a high of Rs184.

Bajaj Auto slipped 2.61 per cent to Rs3000, on profit-taking, after Wednesday's near 10 per cent surge. The stock had advanced to touch a high of Rs3100.10 in intra-day trade.

Global consulting and IT major Satyam Computer Services was down 1.10 per cent to Rs485. It had announced plans to launch its largest Global Delivery Campus outside India in Nanjing, a city in eastern China. The IT bigwig said it was keen to ramp up operations in China through strategic acquisitions. "We as a company firmly believe in strategic acquisitions and 97 per cent of the people working (with Satyam) in China today are Chinese. The company will strengthen its operations in the country through strategic acquisitions," a company statement read.

Bharti Airtel (down 1.10 per cent to Rs765.25), HLL (down 1.41 per cent to Rs204.55), and Wipro (down 0.95 per cent to Rs635) were the other losers.

Reliance Energy was the top gainer, up 1.66 per cent to Rs568.05, extending a recent surge. Recently, Reliance Energy won an engineering, procurement and construction contract worth Rs3,800 crore for a 1,200 Megawatt coal-fired power plant at Yamuna Nagar, Haryana.

ICICI Bank advanced 1.40 per cent to Rs 996, after striking an all-time high of Rs1003.90. The stock rose for the second day in a row after the nation's largest private sector bank on Tuesday said it had raised the reference rate by 1 per cent for corporate loans and home loans, from today. On Wednesday, ICICI Bank's ADR gained 2.4 per cent to $46.13.

Maruti Udyog bounced back smartly from a low of Rs 944, to finish 1.47 per cent higher at Rs 965 on 2.14 lakh shares.

Reliance Communications rose 0.98 per cent to Rs 490.50, on a volume of 17.86 lakh shares. It had slipped to a low of Rs474. As per a newspaper report, Hutchison Telecommunications International had asked bidders for Indian mobile firm, Hutchisson Essar, to submit their offers by today. Reliance Communications is in the fray to acquire Hutchisson Essar. Britain's Vodafone Group and the Hinduja group are also in the race for Hutch.

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