After a long and choppy ride in negative territory, the Indian stock market saw some brisk buying in the final hour and eventually ended the session with marginal gains on Friday.
Asian markets mostly drifted lower today amid worries about the U.S. economy after the U.S. Federal Reserve expressed concerns about the impact of stimulus. Most of the markets in the European region too were quite subdued.
The BSE benchmark Sensex, which rallied to 19,797.44 after declining to around 19,680, ended the day with a small gain of 19.30 points or 0.1% at 19,784.08. The broader 50-stock Nifty index of the National Stock Exchange closed at 6016.15, gaining 6.65 points or 0.11%. The Nifty touched a low of 5981.55 and a high of 6020.75 during the day.
Amid reports of a likely hike in fuel prices, shares of state run oil marketing firms moved higher today. There were strong gains for select information technology, power and consumer durables stocks.
Pharmaceuticals, realty, bank and capital goods stocks mostly closed flat. Automobile and FMCG stocks turned in a mixed performance, while metal stocks declined on profit taking.
GAIL India, BHEL
, Tata Consultancy Services
gained 1.5% - 2%. ICICI Bank
, Coal India
, State Bank of India
, Mahindra & Mahindra
, Hindustan Unilever
and Dr Reddy's
Laboratories gained 0.4% - 1%.
Cairn India, the top gainer in the Nifty index, moved up by 3.3%. BPCL
, Hindustan Petroleum Corporation
and Indian Oil Corporation
rallied sharply on strong buying support.
IDFC, HCL Technologies
, Punjab National Bank
, Power Grid Corporation
and Ultratech Cement also closed on a firm note.
Tata Steel, Jindal Steel
& Power, Sesa Goa
lost 1.4% - 2%. Tata Motors
, Axis Bank
, Bajaj Auto
, Kotak Bank, Bank of Baroda
, Larsen & Toubro
and HDFC Bank
also drifted lower.
DLF regained some ground after declining sharply, but still ended the session on the negative side. The stock suffered a setback following the Competition Commission of India passing a supplementary order modifying the Apartment Buyers Agreement entered into between DLF and the apartment allottees in some projects in Gurgaon.
CCI in its earlier order dated August 12, 2011 had held that DLF was a dominant enterprise which had violated the provisions of Section 4 of the Competition Act 2002 by entering into an agreement with apartment allottees that was one sided, abusive and unfair to the allottees. Accordingly the Apartment Buyers Agreement has been amended such that the abusive and unfair conditions present in the original one sided agreement have been removed, the Ministry of Corporate Affairs said.
ONGC and Oil India
were in focus following a committee set up under the chairmanship of Dr. C. Rangarajan, Chairman, Economic Advisory Council to the Prime Minister to look into the Production Sharing Contract Mechanism in petroleum industry, suggesting major changes in the current Production Sharing Contract Mechanism and changes in gas pricing.
IFCI rose sharply on huge volumes on reports the government is restructuring the company's board. Tecpro Systems
surged higher on the back of reports that the company has bagged orders worth Rs 146.50 crore from Damodar Valley Corporation for supplying coal handling plant package. Manappuram Finance
and Muthoot Finance
surged higher once again, amid reports of a likely hike in Loan-to-Value ratio.
The market breadth was slightly positive at close. Out of 3070 stocks traded on BSE, 1521 stocks moved up. 1435 stocks declined and 114 stocks ended flat.