Index, Infotech Counters Pilot Rally
The market closed in the positive territory for the second consecutive day today, on the back of a good rally in IT and some key index stocks.
Trading on the Bombay Stock Exchange (BSE) sensex began on a subdued note, but gained momentum towards close.
The sensex closed 14.78 points higher at 3114.16, off the intraday high of 3117.53. Meanwhile, at the National Stock Exchange, the Nifty index closed marginally lower at 985.50.
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Technology stocks were in the limelight. Stocks of Satyam Computer closed 4.34 per cent higher at Rs 237. Dealers said the scrip improved on rumours that the company had received an overseas order. Up to 1.67 crore shares of the company changed hands on the BSE today, as compared to 85.80 lakh shares on Wednesday.
HCL Technologies was up 2.69 at Rs 202.10. Nearly 12 lakh shares of the company were traded on the BSE today.
Infosys Technologies also gained 2 per cent to settle at Rs 3495.65, after moving between an intraday low of Rs 3,390 and an intraday high of Rs 3,524. Up to 3.6 lakh shares of the company were traded.
Dealers said there was some selling certain defensive stocks as well. Despite the lack of movement, the general sentiment was optimistic, they added.
Among index stocks, ITC rose 3.17 per cent to Rs 703.30 on reports that its British parent BAT Plc could buy UTI's stake in the company.
Reliance Industries also gained 1.7 per cent to settle at Rs 249.80, while L&T gained more than one per cent on reports that UTI could sell its stake in the company to the Birla group. Other pivotal scrips such as MTNL, Grasim, BSES, SBI and ICICI Bank all increased by slightly over one per cent.
Among PSU scrips, HPCL and BPCL were down on the reports that the disinvestment committee had postponed its meeting.
HPCL was down 4.7 per cent to Rs 266.65, while IPCL crashed 32 per cent after Reliance announced that it would return 3.77 crore shares tendered under the open offer.
Tata Steel, Hindalco, Castrol India, ACC, Bhel and Gujarat Ambuja Cements were all down on sustained selling. Index heavyweights Hindustan Lever and Colgate also declined.