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Sensex up 26 points

MUMBAI — The market, which was strong till late-afternoon trade following steady buying interest for index pivotals, came sharply off higher level later on fresh selling. Short covering at lower level restricted the fall after the Sensex slipped into the red at one point of time in late trade. Stocks rose in Asia.

China's Shanghai Composite hit all time high. Most of European indices were trading with small gains.

Asian markets recovered from the initial fall. Japan's Nikkei (up 0.03 per cent at 17,289.30), Seoul Composite (up 1.25 per cent to 1,906.71) and Straits Times (up 0.96 per cent to 3,526.96), edged higher.

The 30-stock sensex resumed at 15,278.03 and touched the day's high at 15,451.81. Selling pressure in pivotal stocks pulled down the index to the intra-day bottom at 15,135.25 before it ended the day at 15,260.91 with a gain of 26 points or 0.2 per cent from the previous close of 15,234.57.

The BSE-100 index rose 7 points to end at 7,845.41 while the BSE-Teck index dipped 13 points or 0.3 per cent to close at 3,772.62.

Banking major State Bank zoomed 5.3 per cent to finish Rs1579 after the bank posted a 78.6 per cent jump in net profit to Rs14.25 billion and a 15 per cent increase in interest income to Rs44.97 billion.

Cement stocks gained ground on buying interest. Gujarat Ambuja Cements surged 3.4 per cent to finish at Rs129.30, Grasim Industries rose 3 per cent to finish at Rs2946.85 and ACC was stronger by 2.3 per cent at Rs1022.60.

Power sector stocks Tata Power at Rs720.95 (up 3 per cent) and Reliance Energy at Rs780.25 (up 2.2 per cent) also ended higher.

Other major gainers were Lanco Infra at Rs230.20 (up 9.18 per cent), Hind Uni Lt at Rs208.75 (up 6.26 per cent), Federal Bank at Rs351.65 (up 5.68 per cent), Gail at Rs342.35 (up 5.08 per cent), UTI Bank at Rs639 (up 4.97 per cent), Neyveli Lignite at Rs78.90 (up 4.50 per cent), Andhra Bank at Rs87.70 (up 4.34 per cent), Sterlite Opticals at Rs219.35 (up 4.28 per cent) and Indian Bank at Rs148 (up 4.19 per cent).

Among metal stocks, Hindalco shed 4.1 per cent to finish Rs166.15 and SAIL dipped 1.2 pc to close at Rs146.30.

Other sensex heavyweights ITC at Rs167.30 (down 2.6 pc) and Reliance Industries at Rs1847.85 (down 1 pc) also limited the gain in the sensex.

Other major decliners were Union Bank at Rs165 (down 9.84 pc), National Aluminium at Rs258.95 (down 7.67 pc), GMR Infrastructure at Rs822.45 (down 5.45 pc), HTMT Global at Rs394.45 (down 4.35 pc), Suzlon Energy at Rs1251.10 (down 4.09 pc), Canara Bank at Rs267.50 (down 3.95 pc), State Bank at Rs1800.05 (down 3.28 pc), Crompton Greaves at Rs273.10 (down 3.02 pc) and Mahindra & Mahindra at Rs752.55 (down 3 pc).