Bank stocks spur indices

STOCK REPORT

Key indices marginally rose today as investors bought shares of banks and capital goods companies.

"The market bounced back convincingly on Thursday from the correction that we saw earlier, so the positive trend is likely to continue for the week," a dealer said.

Today, market opened firm and trade was steady throughout the session.

However, market is likely to turn volatile, as the February derivatives contract expiry approaches on Thursday, dealers said.

The Sensex ended at 14,402.90, up 47.35 points or 0.3 per cent.

It touched a high of 14,432.88 and a low of 14,372.07 intraday.

The Nifty settled at 4,164.55, up 18.35 points or 0.4 per cent, after touching a high of 4,177.70 and a low of 4,149.25 intraday.

Combined turnover on both exchanges was Rs 11,900 crore, down 21 per cent from Thursday.

The BSE Bankex ended up 1.4 per cent, while the BSE, Oil and Gas Index rose 0.5 per cent.

The BSE Consumer Durables Index ended down 1.2 per cent on losses in Titan Industries, Videocon Industries and Blue Star.

Most key Asian markets were shut today and a lack of overseas cues kept gains limited, dealers said.

The biggest gainers on the Nifty were Steel Authority of India, up 5 per cent at Rs 119, ICICI Bank, up 3.2 per cent at Rs 980, and Hindustan Petroleum, up 2.4 per cent at Rs 282.

Oil retailers, which opened 1-2 per cent down today, ended up on talk they may get concessions in terms of duty reductions on petrol and diesel in the Union Budget 2007-08 to be announced on February 28.

ABB ended up 3 per cent at Rs 3,919 after the company on Friday approved a 5-for-1 stock split and also said it will pay Rs 10 per share dividend for the year ended December 31.

Capital goods shares were among gainers, as the government is likely to continue emphasis on infrastructure development in the Union Budget 2007-08, dealers said.

Auto shares, which started the session on a firm note, ended mixed on concerns over stretched valuations.