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| Markets pare early gains, end flat |
| BS Reporter / Mumbai Dec 03, 2009, 16:05 IST |
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News of the Union Cabinet's plans to clear the Pension Fund Regulatory & Development Authority (PFRDA) Bill today buoyed the markets in early trades. The Sensex rallied to a high of 17,361 - its highest since October 20, 2009, as index heavy-weight, Reliance, jumped.
However, weakness in the last hour of trade saw the index slip sharply into the red and to a low of 17,128 - down 233 points from the day's high. A rise in food prices, coupled with profit-taking, seemed to have dampend spirits. Food inflation soared to 17.5% in the third week of November from 15.5% a week ago, mirroring a shortage in supply that set in following weak monsoon in the country.
The Sensex finally ended with a marginal gain of 16 points at 17,186.
The Nifty ended at 5,132 - up eight points.
The market breadth was positive. Out of 2,840 stocks traded 1,653 advanced while 1,114 declined.
INDEX MOVERS...
Reliance Communications gained 2.5% at Rs 179. Cement stocks jumped on rising prices. Grasim and ACC added 2% each to Rs 2,436 and Rs 815, respectively.
Metal stocks bounced up on global cues. Hindalco was up 2.5% at Rs 146. Tata Steel advanced 1.3% to Rs 583. Sterlite moved up 1.3% at Rs 889.
Other gainers included ONGC, Maruti Suzuki, Wipro, SBI, Mahindra & Mahindra and Reliance.
...AND THE SHAKERS
Tata Motors dropped 3.5% to Rs 705 on news of likely Nano cancellations following delay in delivery. Hindustan Unilever slipped 2% to Rs 270.
Jaiprakash Associates, ICICI Bank and Hero Honda declined 1% each.
VALUE & VOLUME TOPPERS...
SBI topped the value chart on the BSE with a turnover of Rs 153.61 crore. It was followed by Jet Airways (Rs 129.97 crore), Satyam (Rs 124.34 crore) and Tata Steel (Rs 123.64 crore).
The volume chart was led by Cals Refineries with trades of over 43 milion shares, followed by Satyam (10.14 million), Unitech (8.27 million), Spicejet (7.31 million) and Karuturi Global (6.75 million).
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