Infotech, bank stocks on a roll

STOCK REPORT

Gains in information technology companies and banks saw the key indices, the Bombay Stock Exchange 30-share Sensex and National Stock Exchange 50-share Nifty, close the month's last session with a 0.5-0.7 per cent rise.

The CNX IT Index and CNX Bank Index rose 1.8 per cent and 1.1 per cent.

In November, the Sensex and Nifty touched lifetime highs of 13799.02 (Nov 27) and 3976.80 (Nov 23), respectively. Today, the Sensex ended at 13696.31, up 79.58 points or 0.6 per cent. It moved between 13630.61 and 13745.16.

The Nifty ended at 3954.50, up 26.30 points or 0.7 per cent. It moved between 3929.40 and 3973.00. GAIL India was the biggest Nifty gainer, with a rise of 4.3 per cent to Rs 267.10.

Not surprisingly, shares of oil marketing companies were the biggest losers in the Nifty.

On Wednesday, the government cut petrol and diesel prices by Rs 2 and Re 1 a litre.

Hindustan Petroleum Corp and Bharat Petroleum Corp fell 3.5 per cent and 2.8 per cent, respectively.

Indian Oil Corp, a non-Nifty share, closed at Rs 441.70, down nearly 4.6 per cent.

Mid-cap shares went against the strength shown by frontline shares.

CNX Midcap Index closed 0.4 per cent down at 5069. Even BSE Small-cap Index ended with a 0.2 per cent gain. Provisional turnover on BSE and NSE together was Rs 11,600 crore, down 12 per cent from Wednesday.

"Today's gains can mainly be attributed to fresh buying and not really short covering as traders had anyway taken long positions," said the head of domestic brokerage.

November derivatives contracts ended today. Parsvnath Developers, which listed on the stock exchanges today, closed at Rs 526.40 on NSE and at Rs 526.30 on BSE.