Markets move up a tad

STOCK REPORT

Key indices ended up on Friday in volatile trade. There was profit sales at every rise, while buying was witnessed at lower levels.

In the derivatives segment, short-covering ahead of the expiry of August contracts on Thursday kept key indices in positive territory.

"On Friday, Nifty faced strong resistance around 3,400. Selling at that level kept pulling indices off highs," a dealer said.

The Sensex ended at 11,572.20, up 40.25 points, or 0.3 per cent from Thursday. It oscillated between 11,542.10 and 11,635.25, while the Nifty closed at 3,385.95, up 15.55 points, or 0.5 per cent. It moved between 3,368.55 and 3,402.70. The combined turnover on both exchanges was around Rs 9,597 crore. The market opened on a positive note, in line with the overseas markets.

Major Asian and European markets were firm on Friday.

On the Nifty, Zee Telefilms was the lead gainer, rising 4.4 per cent to Rs 291.40.

State Bank of India was in the limelight after the Union Cabinet on Thursday allowed RBI to cut its stake in the bank to 51 per cent from 55 per cent. The stock ended 3.5 per cent up at Rs 905.10.

Other gainers were Gail India, up 3 per cent at Rs 274.55, Hindustan Lever, up 2.1 per cent at Rs 236.60, and Bajaj Auto, up 1.8 per cent at Rs 2,745.20.

Metal shares registered sharp gains for the second consecutive session, with the BSE Metal Index ending 1.6 per cent up.

Hindalco Industries ended 2.7 per cent up at Rs 172.65, while Tata Steel advanced 1.6 per cent to Rs 525.75.

Reliance Energy, down 2.1 per cent at Rs 446.55, was the worst hit. Oil retailers Bharat Petroleum, down 1 per cent to Rs 347.25, and Hindustan Petroleum, down 0.5 per cent to Rs 257.15, fell as international crude oil prices rose beyond $73 a barrel.

Timex Watches ended 1.4 per cent up at Rs 28.20.

CNX Midcap and S&P CNX 100 rose about 1 per cent each.

"Mid-caps will take the place of frontliners for some time. There may be intermediate profit-booking at higher levels, but select mid-cap shares are likely to shine," an analyst said.

Shares of Hindustan Motors ended 6 per cent up at Rs 42.50 after it announced plans to expand its automobile component business.