Markets end higher led by metals, banks, midcaps shine

13 April 2009

The markets closed first day of the week on a positive note on the back of buying in shares of banking, metal, realty (barring Unitech), auto, oil & gas exploration companies and in stocks like BHEL and Reliance Communication.

The Sensex surpassed the 11,000 mark while the Nifty tested the 3400 level during the day. But the markets were volatile throughout the session. Broader indices outperformed the benchmark indices strongly, which kept the market breadth positive. Local players were active in midcap and non index stocks.

Technology stocks remained under pressure ahead of Infosys numbers. NTPC, Bharti, HDFC, HUL, BPCL, Siemens, L&T and Grasim were the other losers, which capped the gains.

The 30-share BSE Sensex has hit an intraday high of 11,069.54, before closing the day at 10,967.22, up 163.36 points or 1.51%. The 50-share NSE Nifty went up 40.55 points or 1.21%, to 3,382.60, after touched a day's high of 3417.80.

Finally the bidding process was over today and Tech Mahindra won the bid for Satyam Computer Services. Tech Mahindra will have to pay Rs 1,757 crore (USD 351 million) for 31% at Rs 58 per share, whereas for the total 51% stake the company will have to pay Rs 2,890 crore. Larsen & Toubro was the other player in the fray, which bid at Rs 49.50 per share. Satyam closed 3.61% higher; its volumes increased by 239.40%, to 56,648,093 shares, compared to its 5-day average of 16,690,651 shares.

Tech Mahindra gained 12.31%, wherein volumes jumped by 1,462.06% to 3,578,810 shares, compared to its 5-day average of 229,109 shares.