Market on a see-saw, ends up

STOCK REPORT

Key indices ended marginally up for the second straight session, after slipping into the red following a warning from the US embassy that there could be terror attacks in India in the coming days.

Indices also found some support after inflation data was detailed around noon.

India's headline inflation rate, based on wholesale price index, for week ended July 29 fell to 4.61 per cent from 4.67 per cent a week ago.

Dealers said short covering in derivatives in the last hour of trade also lifted key indices, which on Friday gained 3 per cent from last week's close.

The Bombay Stock Exchange Sensex closed 11192.46, up 43.29 points or 0.4 per cent.

Intraday, it moved between 11069.25 and 11241.11.

The National Stock Exchange Nifty closed 3274.35, up 14.25 points or 0.4 per cent.

Intraday, it moved between 3236.95 and 3286.50.

Turnover on both exchanges together was Rs 9,600 crore, up marginally from Thursday, but up 19 per cent from last Friday.

Siemens India, up 6.8 per cent at Rs 1,000.05, Hero Honda Motors, up 3.2 per cent at Rs 695.95, and Indian Petrochemicals, up 3.9 per cent at Rs 273.50, were the lead gainers among Nifty companies. Reliance Industries ended at Rs 1,011, up 3.3 per cent, on the back of its Rs 290 crore bid to manage ailing co-operative stores Super Bazar.

ICICI Bank, down 2.5 per cent at Rs 584.50, and Wipro Ltd, down 2 per cent at Rs 504.95, were worst hit.

Most mid-cap indices extended gains. CNX Midcap Index ended 1 per cent up, while S&P CNX 500 Index was up 0.7 per cent.

Construction, cement, and media stocks gained, while sugar stocks witnessed some profit sales after rising for the past few sessions.

"Market has gained a lot of momentum after the (April-June) earnings. Brokerages are now upgrading their earnings estimates for most frontliners on account of fantastic results," Abhijit Chakraborty, vice-president of institutional sales at Brics Securities, said.