Revival in techs saves blushes

STOCKS REPORT

Technology stocks came back into the limelight as the Bombay Stock Exchange (BSE) Sensex went up 28.50 points (0.53 per cent) to close at 5443.44 on Friday. The biggest gainer of the day was BSE Tech index that moved up by 2.31 per cent to close at 1173.16 points.

The National Stock Exchange (NSE) Nifty gained 8.45 points to close at 1725.10.

However, the broader market sentiment remained negative, with losers outpacing gainers 1003:694. Cash market turnovers were also low with the BSE recording Rs 2,116.50 crore and NSE Rs 4,394.45 crore.

Market players indicated to bargain buying, specially after the huge 121-point fall on Thursday, for the rise today.

The Sensex witnessed volatility once again, moving on either sides of the break-even, before finally closing in the positive territory. The intra-day trades saw Sensex touching a low of 5386.62 and a high of 5496.68.

"The markets appear to be cautious on account of year-end considerations and the approaching expiry of March futures (March 25)" said a dealer from a local brokerage. He added that the markets will be range-bound till the general elections are over.

Tech bellwether Infosys Technologies was up 5.32 per cent to Rs 5,186.75, Satyam Computer was up 4.22 per cent to Rs 304.80, HCL Technologies was up 2.06 per cent to Rs 267.65 and Wipro was marginally up 0.01 per cent to Rs 1,425.45.

Sensex heavyweights Hindustan Lever was up 2.14 per cent to Rs 147.90, State Bank of India up 1.24 per cent to Rs 566.05 and Reliance Industries up 0.95 per cent to Rs 523.

Major auto stocks closed up. Analysts said that expectations of a good quarterly earnings on the back of the strong growth in vehicle sales in the last two months has attracted buyers into auto stocks. Auto pivotals Bajaj Auto was up 1.89 per cent to Rs 843.05 and Tata Motors was up 0.81 per cent to Rs 454.35.

Hindalco gained 1.7 per cent to Rs 1,277.95 and Tata Steel was up one per cent to Rs 388.25. Bharti Tele-Ventures fell 4.58 per cent to Rs 135.30 and MTNL fell 3.67 per cent to Rs 129.95. Cipla fell 1.94 per cent to Rs 1,106.75 and Ranbaxy Labs lost 1.21 per cent to Rs 935.20.

L&T fell 1 per cent to Rs 557.05, Grasim was down 0.97 per cent to Rs 1,012.70 and Gujarat Ambuja Cements fell 0.47 per cent to Rs 286.80. Talks that cement companies have reduced prices by Rs 15-20 per bag seem to have affected sentiment.