12000 waylaid, gains seen

STOCK REPORT

Key indices ended up for the fourth consecutive session, with the Sensex closing above 12000 for the first time since May 17.

Partial recovery in Asian markets also helped lift sentiment here, dealers said. Asian markets ended mixed on Friday as concerns over interest rate hikes and inflation are keeping investors cautious.

In the domestic market, valuations are beginning to look stretched, analysts said. However, hopes of robust July-September results, which will be detailed from October, are prompting stock specific investment.

"We remain bullish on the market as long as Nifty doesn't break its 3430 support," a technical analyst with a local brokerage said.

Gains in banking, technology, and cement sectors are seen driving key indices higher in the coming sessions, analysts said.

The Bombay Stock Exchange Sensex ended 12009.59, up 36.57 points or 0.3 per cent. It moved between 11847.61 and 12041.70 intraday. It broke the intraday support at 11890.

The National Stock Exchange Nifty ended 3478.60, up 7 points or 0.2 per cent, after touching a low of 3434.55 and a high of 3487.45 intraday.

Turnover on both the exchanges together was Rs 10,300 crore, down marginally from Thursday's Rs 10,700 crore.

Lead Nifty gainers were Larsen & Toubro, up 4.1 per cent at Rs 2,641.05, Grasim Industries, up 3.9 per cent at Rs 2,484.65, and Satyam Computer Services, up 2.3 per cent at Rs 828.95.

L&T and Zee Telefilms gained on Friday on buying by foreign funds, dealers said. Zee ended up 1.5 per cent at Rs 319.70.

Metals were worst affected, with Steel Authority of India ending down 2.3 per cent at Rs 73.75, and Hindalco Industries, down 1.3 per cent at Rs 169.35. The BSE Metal Index shed over 1 per cent.

Other laggards among Nifty were Reliance Communications, down 2.1 per cent at Rs 317.85, GAIL (India), down 2 per cent at Rs 255.05, and Mahanagar Telephone Nigam, down 1.5 per cent at Rs 157.65.