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Mixed outing as metals shine

STOCK REPORT

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Newswire 18 Mumbai
Last Updated : Feb 05 2013 | 12:50 AM IST
Key indices ended mixed on Wednesday, after a volatile session, as selling pressure emerged at every rise on caution ahead of January-March results from technology bellwether Infosys Technologies on Friday.
 
Buying in shares of metal companies provided support to indices. Gains are likely to remain limited in coming sessions, as investors will wait for Infosys Technologies' guidance for FY08, before taking fresh positions, dealers said.
 
The Bombay Stock Exchange's 30-share Sensex ended at 13183.24, down 6.30 points or 0.1 per cent from Tuesday. Intraday it moved between 13189.54 and 13294.90.
 
The National Stock Exchange's 50-share Nifty ended at 3862.65, up 14.50 points or 0.4 per cent. Intraday it moved between 3844.75 and 3876.35.
 
Analysts recommend buying mid-cap and small-cap stocks in coming sessions as they are attractively valued and will generate higher returns.
 
Metal shares rallied as increasing demand from China and less concern about the US growth lifted metal prices on Tuesday on the London Metal Exchange.
 
On Tuesday, copper prices rose to an intraday high of $7,898.75 a tonne, its highest level since September.
 
National Aluminium Co, up 7 per cent at Rs 248, was the top Nifty gainer. Sterlite Industries ended up 6 per cent at Rs 507, and Hindalco rose 4 per cent to Rs 142.
 
Tata Steel rose 3 per cent to Rs 512 on reports the company may part-finance its Corus Group acquisition through a Rs 3,500 crore rights issue.
 
Suzlon Energy rose 6 per cent to Rs 1,056 on value buying. The share has taken a beating of 16 per cent since its open offer for Germany's REpower Systems AG on February 9.
 
On Tuesday, Suzlon Energy raised its bid for REpower to 150 euros a share from 126 euros, to thwart a 140 euro rival bid by France's Areva.
 
Shares of pharmaceutical companies fell on profit sales. The BSE Healthcare Index, which rose 4 per cent in the last five sessions ended down 1 per cent. It was the worst hit among BSE indices.
 
Ranbaxy Laboratories, down 3.4 per cent at Rs 346, was the worst hit on Nifty.

 
 

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First Published: Apr 12 2007 | 12:00 AM IST

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