Markets close to 2-year high

Slow and steady wins the race. While to the uninitiated, the markets seemed to be prodding along in the recent past, the indices have  actually been steadily moving towards a two-year high (a close above 5282). The Sensex ended the day at 17578, higher by 58 points and the Nifty closed at 5262, up 16 points. The mid-cap and small-ca

Bharti Airtel rose for the third straight day on reports the company has applied for third-generation mobile spectrum across the country's 22 telecom zones. India's No. 1 mobile services provider by sales ended at Rs 311, stronger by Rs 11 or 3.9%, on the BSE.

Reliance Communications ended at Rs 167, higher by 1.9%, and Hero Honda closed at Rs 1968, up 34 points. And index heavyweight Reliance Industries surged in late trades to end 1.3% higher at Rs 1089.

On the losers side, HDFC closed at 2693, weaker by 1.5%, DLF ended at 312, lower by 1.3% and M&M shut at Rs 1073, down 1.2%.

In the BSE mid-cap space, Kirloskar Oil Engines strengthened by 7.7% at Rs 174, United Breweries added 6.1% at Rs 272 and Deccan Chronicle was up 4.8% at Rs 173.

And in the small-cap space, S Kumars Nationwide strengthened by 19% at Rs 64, MSK Projects appreciated by 19% at Rs 152 and Hitachi Home added 6.9% at Rs 238.

The market breadth was negative. Out of 2943 stocks traded on the BSE, there were 1345 advancing stocks as against 1481 declines.

Sterlite Industries topped the value charts on the BSE with a total turnover of Rs 132.78 crore. This was followed by Reliance Industries (Rs 75.85 crore), BHEL (Rs 71.14 crore), SBI (Rs 63.86 crore) and Tata Steel (Rs 50.46 crore).

Jaiprakash Associates led the volume charts with trades of 1.71 million. It was followed by Sterlite Industries (1.59 million), Bharti Airtel (1.43 million), DLF (1.37 million) and Hindalco (1.34 million).