Heavyweights lead the way

STOCK REPORT

Buying in select index heavyweights and light short covering ahead of December derivatives expiry on Thursday helped key indices close nearly 2 per cent up on Tuesday.

Technology, banks, and automobile shares gained the most.

The Bombay Stock Exchange Sensex ended at 13708.34, up 236.60 points or 1.8 per cent. It moved between 13490.77 and 13726.62, intraday.

The National Stock Exchange Nifty settled at 3940.50, up 69.35 points or 1.8 per cent, after touching 3870.45 and 3946.10.

CNX Midcap Index was up 1.6 per cent and S&P CNX 500 Index up 1.2 per cent, led mainly by I-flex solutions and Moser Baer.

Turnover on both the exchanges together was Rs 9,100 crore, as against an average of Rs 12,000-13,000 crore last week.

Foreign investor participation is likely to be low in the coming sessions due to Christmas and New Year week.

Zee Telefilms, up 5.3 per cent at Rs 291.20, was the biggest Nifty gainer ahead of December 31, when conditional access system is scheduled to come into effect in south Mumbai.

Steel Authority of India ended at Rs 85.70, up 4.3 per cent, on news of the company's Rs 9,600 crore investment plans for its Iisco plant in Burnpur.

ITC remained one of the top gainers for the day on reports the company has signed a pact with Japan's Marubeni for jointly marketing Indian agri-products in the Asian markets.

Among other index heavyweights, NTPC ended 2.3 per cent up on 1,500 mw power plant joint venture, and Bharat Heavy Electricals closed 1.5 per cent higher on reports the company is in talks for technology tie-up for nuclear projects.