Indices buoy on global cue

STOCK REPORT

Shares ended off highs today on profit sales after early gains, dealers said. Key indices were up throughout the session on soft US inflation data detailed Tuesday and lower crude oil prices.

Oil retailers were lead gainers after Prime Minister Manmohan Singh on Tuesday expressed concern over subsidy burden and hinted at possible fuel price hikes.

Bombay Stock Exchange Sensex closed at 11,448.31, up 1.2 per cent or 135.32 points. Intraday, it moved between 11,384.05 and 11,507.92.

National Stock Exchange Nifty closed 3356.05, up 1.3 per cent or 42.95 points. Intraday, it moved between 3,314.75 and 3,377.10. Turnover on both the exchanges together was Rs 10,700 crore, up 29 per cent from Monday.

Among oil retailers, Hindustan Petroleum Corp, up 10.5 per cent at Rs 260.80, and Bharat Petroleum Corp, up 6.8 per cent at Rs 347.05, were lead Nifty gainers.

Indian Oil Corp. ended up 7.5 per cent at Rs 455.40 and Kochi Refineries ended at Rs 139.15, up 7.3 per cent. BSE Oil & Gas Index ended 2 per cent up. Today crude oil for September delivery on New York Mercantile fell to $72.89 from around $76 last week following the ceasefire in West Asia.

HDFC Bank, up 4.8 per cent at Rs 846.15, Jet Airways, up 4.3 per cent at Rs 564.30, and Mahanagar Telephone Nigam Ltd, up 3.8 per cent at 154.05 rupees, were other notable gainers. MTNL ended at Rs 154.05, up 3.8 per cent, after the company announced a 7-year-deal for sourcing content for the company's planned internet protocol television business.

Suzlon Energy, down 2.8 per cent at Rs 1,193, was worst hit, while Cipla, down 1.6 per cent at 246.25, and Bajaj Auto, down 1.5 per cent at Rs 2741.85, were other notable laggards.

Banks continued to climb on the back of increasing credit demand. Bank of Rajasthan ended 7.4 per cent up at Rs 37.05, and Andhra Bank ended up 5.7 per cent at Rs 85.85.