Sensex ends 49 points up after choppy ride

Sensex ends 49 points up after choppy ride

Last Updated: Thu, Oct 25, 2012 12:12 hrs
Commuters walk past the BSE building in Mumbai

After a shaky start and a subsequent smart rally, the market retreated a bit, but rebounded again to end the day with moderate gains on Thursday. Weak Asian markets and the U.S. Federal Reserve's statement that did not give any indication about further monetary easing rendered the mood slightly bearish in morning trade, a firm trend on the European bourses and some good results from India Inc lifted sentiment later on in the session.

The BSE benchmark Sensex, which rose to 18,789.92, ended the day with a gain of 48.61 points or 0.26%. The Nifty closed at 5705.30, gaining 13.90 points or 0.24%.

Mahindra & Mahindra ended 3.6% up on sustained buying at the counter. The company posted a net profit after tax of Rs 9018.00 million for the quarter ended September 30, 2012 whereas the same was at Rs 7373.80 million for the quarter ended September 30, 2011. Total income rose to Rs. 101358.50 million for the quarter ended September 30, 2012, from Rs. 76048.00 million it had posted for the quarter ended September 30, 2011.

The results for the quarter and half year ended September, 2012 are not comparable with those of the quarter and half year ended September, 2011 as the figures in respect of quarter and half year ended September, 2011 do not include the results of the automotive business of Mahindra Automobile Distributor Private Limited which got merged with the company earier this financial year.

Hero Motocorp started off on a weak note due to poor quarterly numbers, but bounced back strongly and ended with an impressive gain of 2.4% on the back of a significant jump in vehicles sales during the Navrathri season.

HDFC ended 2.1% up. Sterlite Industries gained around 2%, with strong quarterly results aiding its surge. GAIL India ended 1.6% up. Larsen & Toubro, ICICI bank, ITC, HDFC Bank, NTPC and Hindalco posted modest gains.

Tata Consultancy Services, Reliance Industries and Maruti Suzuki ended flat.

IDFC, Sesa Goa, Ambuja Cements, Lupin, Jaiprakash Associates, Ultratech Cement, Axis Bank, Grasim Industries and Kotak Bank ended on a firm note.

Dr Reddy's Laboratories ended 2% down. State Bank of India, Tata Motors, Tata Steel and Hindustan Unilever drifted down by 1% - 1.6%. Jindal Steel & Power, Cipla, Wipro, Sun Pharmaceutical Industries and Bharti Airtel also ended notably lower.

Ranbaxy Laboratories, Punjab National Bank, Bank of Baroda, Reliance Infrastructure, Siemens, Power Grid Corporation and Cairn India closed with sharp to moderate losses.

Peninsula Land, Yes Bank, Oriental Bank of Commerce, Jaiprakash Power and Ajanta Pharma counters saw some hectic buying during the day thanks to upbeat results posted by these companies. Tata Coffee too moved higher on strong quarterly numbers.

Sun TV Network shares declined on reports the company has won the bid for a new Hyderabad Indian Premier League franchise team, which will replace Deccan Chargers.SKF India, Adani Enterprises and Wabco India drifted lower on weak results.

The market breadth was a bit weak. Out of 2982 stocks traded on BSE, 1556 stocks declined. 1288 stocks moved up nd 138 stocks ended flat.

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