Volatile markets end marginally higher

IT, metal shares lead gains

Markets ended a volatile day of trade in the positive zone, albeit off the day's high. The BSE Sensex touched a high of 18590 in the day and ended up 30 points at 18536. Nifty was up nine points at 5,636.

Experts feel that the market will remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month November 2012 series to December 2012 series.

"Well we are looking at 5650 to sustain on upside, for any futher momentum to be seen on nifty, its crucial resistance zone 5650-5670 any break above these levels 5750 next target seems to be touched," said Navneet Daga, Derivative Analyst, KR Choksey Securities.

Foreign Institutional Investors (FIIs) bought shares worth a net Rs 366.37 crore on Friday, 23 November, as per provisional data from the stock exchanges. Meanwhile, with the moderation in consumption demand and absence of pick up in private investment, rating agency ICRA today cut the estimate for India’s economic growth for FY13 to 5.4 per cent from 5.7 per cent.

Meanwhile in Asia markets ended mixed. Nikkei added 22 points to 9,389 after minutes of last month's Bank of Japan policy meeting showed members calling for wider monetary easing. Investors hoped that Greece can avoid a near-term bankruptcy.

IT stocks rose across the board on recent positive economic data in US. US is the biggest market for IT service firms. BSE IT index was the top sectoral gainer and added 1.2% to 5,803. wipro was the top Sensex gainer - up 2.5% at Rs 376. Infosys added 1.7% and was the top contributor to the Sensex upmove.

Metal stocks surged after LMEX, a gauge of six metals traded on the London Metal Exchange gained 1.18% on Friday. BSE metal index gained 0.9% to 9,890.

Sterlite added 2.2% at Rs 98. Tata Steel rose 1.8% at Rs 371 after company after market hours on Friday announced restructuring proposals to improve the competitiveness of its UK operations so they can successfully perform in changing markets. Hindalco also ended in the positive zone.

Realty stocks edged higher on renewed buying demand. BSE realty index went up marginally to end at 1874. However, weakness was noticed in PSU, bankex and auto shares as the indices slipped 0.3-0.6% each.

Ranbaxy Laboratories traded flat at Rs 497. It has issued 5,000 Secured 9.20% Redeemable Non-Convertible Debentures of face value of Rs 10 lakh each, for cash at par, aggregating Rs 500 crore, on a private placement basis, for general corporate purposes.

Eros International Media soared 13% to Rs 207, extending Friday’s 10% rally, on hopes that the company engaged in the business of film production and exploitation may report good performance in the second half (October-March) of current financial year 2012-13.

Hyderabad-based IL&FS Engineering and Construction Company Limited has posted Rs 15.79 crore net loss for the second quarter ended September 30, 2012, as against Rs 37.62 crore net loss for the same period last year. The stock ended down 4% at Rs 55.40.

SpiceJet surged 12% to Rs 44.40, after touching a 52-week high, on back of over two-fold jump in its trading volumes on the Bombay Stock Exchange.

BSE market breadth was positive. Out of 2,944 stocks traded, 1,566 shares advanced while 1,226 shares declined.