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STOCKS REPORT

Equities ended flat yesterday after witnessing an extreme volatile session as investors appeared cautious after Tuesday's massive 213-point fall.

The Bombay Stock Exchange's 30-share index, Sensex, swung in a range of 98 points, touching a high of 5,757.52 and a low of 5,659.83 in intraday trades.

The bellwether index gained 0.81 points, or 0.01 per cent, to close at 5,713.09, while the National Stock Exchange's S&P CNX Nifty, a broader 50-share index, fell by 0.70 points, or 0.05 per cent, to end at 1,816.55.

The breadth of the market was positive, with gainers outnumbering losers by 875-to-808.

Brokers said the markets were choppy as investors covered positions ahead of the monthly expiration of derivatives contracts on Thursday.

A dealer from a local brokerage said," The market's mood appeared cautious after the huge decline in share prices on yesterday." He added that there was bargain buying at lower levels yesterday.

With no clear indications of the formation of the next government, market players are wary of taking fresh positions, most playing the wait-and-watch game. Brokers said the political instability at the Centre could reflect adversely on economic reforms.

Bank shares gained on expectations of strong quarterly earnings. The BSE's Banking index, Bankex, was the biggest gainer in sectoral indices. The index rose by 1.25 per cent to 3210.08. Shares in ICICI Bank were up 1.70 per cent at Rs 317.35 and those in State Bank of India rose by 1.48 per cent to Rs 639.40.

Corporation Bank was up 7.14 per cent to Rs 355, Union Bank of India gained 5.85 per cent to Rs 78.75, Andhra Bank was up 3.06 per cent to Rs 64 and Bank of Baroda gained 2.47 per cent to Rs 234.15.

Shares in information technology companies were on the wane. The BSE TECk index fell by 0.93 per cent and the BSE IT index decreased by 0.77 per cent. Infosys shares were down by 0.74 per cent at Rs 5,097.15, Satyam Computer fell by 0.50 per cent to Rs 317.15 and Wipro was down 0.54 per cent at Rs 1,522.35.

Cement firms gained after dealers said leading firms have hiked prices in Gujarat and indicated increases in Mumbai early next month. Grasim shares gained by 2.66 per cent to end at Rs 1,197.10 after the company announced good results for the fourth quarter and the financial year 2003-04. L&T was up 1.06 per cent at Rs 585.65 and ACC gained 1.12 per cent to close at Rs 269.90.