Indices up amid volatility

STOCKS REPORT

The stock markets were volatile on Tuesday, with the Bombay Stock Exchange Sensex barely managing to close in positive territory. It closed at 4841.38, up 3.78 points (0.08 per cent) over its previous close.

The National Stock Exchange (NSE) Nifty closed at 1518.30, gaining 3.95 points over Monday's close.

The Sensex hit a high of 4873.71 and a low of 4802.04 in intra-day trades. The breadth of the market was positive, with gainers outpacing losers 9:6 on the BSE. The 30-scrip Sensex saw 18 scrips closing higher.

The BSE capital goods sector index was the biggest gainer on Tuesday, up by 1.29 per cent. It was followed by the consumer durables index (up 1.10 per cent), the FMCG index (up 0.90 per cent) and the BSE PSU index (up 0.74 per cent).

The BSE IT index was the biggest loser, down 0.97 per cent. It was followed by the BSE Bankex (down 0.66 per cent).

Reports that the monsoons will be normal helped sentiment somewhat but the mood was cautious ahead of the budget. Kashyap Pujara of Sushil Finance said the markets may see an upward movement in the near term as most indicators are positive.

Cement and auto scrips were in the limelight in an otherwise lacklustre market. Among Sensex stocks, Grasim gained 2.85 per cent to Rs 993.60, Gujarat Ambuja Cements rose 1.14 per cent to Rs 284.05, while Maruti Udyog gained 1.06 per cent to Rs 396.25.

The Hero Honda scrip was the biggest gainer in the Sensex basket yesterday, closing up 4.01 per cent at Rs 508.10. It was followed by HPCL (up 3.72 per cent to Rs 334.25) and Reliance Energy (up 3.26 per cent to Rs 572.75).

Wipro was the biggest loser in the Sensex basket (falling 2.76 per cent to close at Rs 541.10), followed by HDFC (down 1.96 per cent to Rs 532.80) and Satyam Computer (down 1.93 per cent to Rs 309.50).

HLL gained 1.65 per cent to Rs 129.70, ITC was up 0.48 per cent to Rs 876.35, Reliance Industries gained 0.37 per cent to Rs 443.25 while the State Bank of India scrip fell 1.12 per cent to close at Rs 428.50.

Volumes were higher on the bourses, with turnover of Rs 2079.21 crore recorded on the BSE and Rs 4835.07 crore on the NSE.

Foreign institutional investors (FII) were net buyers of Indian shares worth Rs 9.7 crore on Monday. They have been net buyers in June so far to the tune of Rs 484.60 crore. Mutual funds were also net buyers on Monday at Rs 29.10 crore. They have been net sellers in June at Rs 385.70 crore.

The number of FIIs registered in India has gone up to 569 on June 29, 2004, up from 517 on December 31, 2003.