Indices mixed, banks gain

STOCK REPORT

Key indices ended mixed on Thursday, after a volatile session, on expiry of September derivatives contract.

The Bombay Stock Exchange Sensex closed at 12380.74, up 13.83 points or 0.1 per cent, after touching a low of 12340.17 and a high of 12431.79 intraday.

The National Stock Exchange Nifty closed 3571.75, down 7.55 points or 0.2 per cent, after touching a low of 3560.75 and a high of 3589.30 intraday.

Turnover on both exchanges together was around Rs 12,000 crore, rising 8 per cent from Wednesday. Lead Nifty gainers were Oriental Bank of Commerce, up 7.1 per cent at Rs 277.50, National Aluminium Co, up 4.3 per cent at Rs 218.90, and Punjab National Bank, up 3.9 per cent at Rs 527.05.

"The rise in banks is across the board, not only in large caps because the banking story is strong," a bank analyst said.

He cited good earnings outlook and likely rise in credit demand as factors for the rally. On Thursday, BSE Bankex ended up 3.7 per cent as against a decline in most other sector indices. Ranbaxy climbed 2.3 per cent to Rs 430.45 on a newspaper report that government has okayed the company's Rs 265 crore special economic zone at Mohali, Punjab.

Biggest losers in Nifty were Hindustan Petroleum Corp, down 3.4 per cent at Rs 284.35, Jet Airways, down 3 per cent at Rs 633.40, and Larsen & Toubro, down 2.4 per cent at Rs 1,263.05.

Telecom shares declined, with Bharti Airtel ending down 0.8 per cent, and Relianctoications shed 1.8 per cent.

The government on Thursday announced a high base price of Rs 1,400 crore for pan-India rollout of 3G spectrum services.

Among broad indices, CNX Midcap Index ended up 1 per cent and S&P CNX 500 Index rose marginally.

Sugar companies ended up as the government on Wednesday allowed export of 10,000 tn of sugar to the European Union.

Dhampur Sugar gained 14.5 per cent and Simbhaoli Sugars rose 14.4 per cent.