Markets end with modest gain as banks, power, CG, IT stocks up

26 August 2008

Markets have bounced back amid choppiness in last one hour of trade and ended marginally in green. Buying interest was seen in banking, capital goods, power, cement, select technology and auto stocks. Decline in Crude by USD 2 a barrel also helped markets a bit. Frontline indices shrugged off weak global cues in late trade.

The Sensex closed at 14,482.22, up 31.87 points or 0.22% after touching an intraday high of 14,495.27 and low of 14,286.38. Nifty ended with a gain of 2.15 points or 0.05% at 4337.50. It has hit a high/low of   BSE Midcap and Small Cap indices ended flat at 5,744.77 and 6,912.62.

Indices had started on a weak note in early trade following weak global cues as credit concerns renewed in US financial space. Many times these indices made an attempt to reduce gap down but that did not succeed. But in last one hour of trade buying support was seen in banking, capital goods, power, cement and technology stocks, which helped markets to turn back in green.

Amongst frontliners, HDFC Bank shot up by 3.92%, Satyam 3.25%, HCL Tech 2.77%, Wipro 2.25%, BHEL 1.96% and M&M 1.91%. However, Suzlon Energy lost 3.77%, Zee Entertainment -2.62%, Reliance Industries -2.40%, Dr Reddys Labs -2.38%, Jaiprakash Associates -1.85%, Idea Cellular -1.50% and Tata Steel -1.37%.

Banking stocks have shown smart recovery in second half of session, Index jumped by 116.82 points or 1.73% at 6,862.54. IndusInd Bank, HDFC Bank, Bank of Baroda, Kotak Mahindra, ICICI Bank, PNB, Union Bank and SBI have gained.

Auto Index rose by 50.64 points or 1.31% at 3,916.49 due to buying in Bosch, Apollo Tyres, M&M, Maruti Suzuki, Exide Industries and Ashok Leyland.