Global bounceback helps

STOCKS REPORT

Boosted by firmer global indices and lower international oil prices, the benchmark Bombay Stock Exchange Sensex closed higher on Thursday. The index rebounded after Wednesday's correction to close off its record closing high struck on Tuesday.

Blue-chips saw good buying support by institutions, with mid-cap counters also attracting attention. Banking, metal and oil scrips were among the biggest gainers while technology and pharma companies recorded some losses on Thursday.

The National Stock Exchange Nifty also recorded a new closing high yesterday. "We may see a rangebound market in the near term and investors must look at booking profits and churning portfolios," a research head of a domestic brokerage house said.

Continued foreign fund inflows have helped the market post record highs and expectations of healthy growth in corporate earnings is also helping the positive sentiment, players added.

Foreign funds were net buyers of Indian shares worth Rs 344 crore and domestic mutual funds were net buyers to the tune of Rs 32 crore on Wednesday, data released by the Securities and Exchange Board of India show.

Going forward, most factors have been discounted and the market and retail investors should look to book gains, brokers added. Stock specific stories will continue to be seen, analysts said.

Institutions were buyers in frontline scrips while retail action was seen in the mid-cap counters. Opening in negative territory, it recovered immediately, dealers said. The breadth of the market was positive with gainers outpacing losers 2:1. In the Sensex basket, 17 out of the 30 scrips closed higher.

The BSE Sensex hit a high of 6455.69 and a low of 6409.29 in intra-day trades before closing at 6441.85 up 28.19 points from Wednesday's close. Volumes were lower than on Wednesday in the cash segment of the bourses; the BSE reported a turnover of Rs 1963.42 crore and the NSE reported a turnover of Rs 4559.76 crore.

Bharti Tele-Ventures was the biggest gainer in the Sensex basket, rising 2.56 per cent to close at Rs 208.70, followed by Hindalco, up 2.53 per cent to Rs 1332.30, SBI gained 2.48 per cent to Rs 608.90, Reliance Industries was up 2.30 per cent to Rs 506.05 and Tata Steel gained 1.88 per cent to Rs 346.20.

HDFC was the biggest loser among Sensex stocks, falling 1.47 per cent to close at Rs 757.55, followed by Ranbaxy Labs, down 1.38 per cent to Rs 1239.25.