Asian Rise Lifts Tech, Pharma Scrips

Renewed buying in technology and pharma stocks helped markets finish higher on Tuesday. Of late, the trend in the domestic stock markets was part of an Asia-wide trend of bourses shrugging off Wall Street-induced nervousness.

Breaking its two-session losing streak, the BSE sensex settled with a gain of 23.59 points at 3,176.93. However, on the National Stock Exchange (NSE), the S&P CNX Nifty advanced 9.90 points to close at 1,021.90.

Market sentiment also improved on hopes of more investment from foreign institutional investors (FIIs), as Indian stocks are attractively priced, compared with their US and other emerging markets' counterparts.

Traders said they were less negative now that the sensex had held above its May 31 low of 3,097 points, but the outlook depended on two key variables -- sufficient rains and stable global markets. A dealer with a foreign brokerage house added: "There are no clear triggers right now. It could be a combination of global markets and the progress of monsoons."

Meanwhile, infotech major Infosys Technologies settled up 4.32 per cent to Rs 3,219.70, after the US lifted travel restrictions to India.

While Satyam Computer bounced back, recovering from an intra-day low of Rs 219.60 on renewed buying following reports that US-based private equity investor General Atlantic Partners was in talks to buy a stake in its loss-making subsidiary Satyam Infoway. The stock settled up 3.24 per cent at Rs 231.10.

Pharma major Dr Reddy's Laboratories advanced 2.33 per cent to Rs 894.60 on renewed buying, after Monday's fall. Other pharma stocks such as Ranbaxy (up 2.14 per cent to Rs 922.70) and GlaxoSmithKline (up 1.81 per cent to Rs 398.30) also gained ground on renewed buying.

FMGC giant Hindustan Lever ended flat. The stock settled up 0.11 per cent to Rs 184.90, recovering from the day's low of Rs 182.10 on selective buying. However, Tata Steel settled down 2.91 per cent to Rs 130.20. The stock came off the day's high of Rs 136.20 after the company announced its results.

Elsewhere, public sector undertaking (PSU) stock pivotals such as HPCL (up 3.05 per cent to Rs 293.90) and Bhel (up 1.03 per cent to Rs 171) also attracted renewed buying, after a recent fall from the higher levels. Other key stocks such as Hindustan Petroleum (up 3.05 per cent to Rs 293.90) and Bhel (up 1.03 per cent to Rs 171) also advanced.