Settling with modest gains

STOCK REPORT

Markets settled with modest gains on Thursday ahead of an extended weekend on select buying interest in technology, banking and state-run firms' stocks. The Bombay Stock Exchange's 30-share Sensitive Index (BSE Sensex) swung in an intra-day range of 81 points and settled with a gain of 23.32 points at 5,838.45.

The National Stock Exchange's 50-stock CNX S&P Nifty surged 4.85 points at 1,853.55. Stock exchanges and other financial markets will remain closed on Friday on account of Good Friday.

A dealer with a local brokerage house said, "There were several positive triggers today, like the MphasiS numbers, Tata Motors sales numbers and the Supreme Court decision on the Securitisation Act."

Mid-sized software firm MphasiS BFL, the first to put out fourth quarter earnings, shed 3.50 per cent to close at Rs 574.50 on selling at higher levels after the company's March quarter results turned out below expectations. The stock rose nearly 11 per cent to Rs 660 in early trades on its plans for a one-for-one bonus share issue.

Elsewhere, Wipro stock price rose 3.39 per cent to close at Rs 1,464.80 on selling at higher levels after early gains. The Wipro stock spurted as high as 9.40 per cent in early trades after the company announced considering the issue of bonus shares along with its March earnings on April 16.

Other software firms were also in the spotlight. Infosys Technologies shed 0.26 per cent to close at Rs 5,312.70, off from day's high of Rs 5,399. The company today announced that it would set up a US subsidiary, Infosys Consulting, at a cost of $20 million. Satyam Computer fell 1.59 per cent to Rs 310.20, off its day's high of Rs 318.10 on selling at higher levels.

Elsewhere, Tata Motors, the biggest vehicle maker, gained nearly one per cent to Rs 502.40 after it said sales in March rose 26 per cent from a year ago period to 34,714 units. Bike major Hero Honda Motors rose 1.77 per cent to Rs 513.30 on selective buying interest. While Bajaj Auto surged 0.69 per cent to Rs 884 on hopes of impressive March quarter earnings.

Meanwhile, Tata Steel vaulted 1.87 per cent to Rs 400.45, off day's low of Rs 386.60 on renewed buying at lower levels amid hopes of improved March earnings.

Pharma major Ranbaxy Laboratories gained 1.53 per cent to Rs 1,043.55, after the company on Wednesday said a US court found its generic version of GlaxoSmithKline's antibiotic Ceftin did not infringe Glaxo's patents.

Banking stocks too witnessed hectic gains after the Supreme Court upheld the validity of the Securitisation Act, which allows banks to quickly take over and dispose of assets of companies defaulting on loans.

ICICI Bank rose 0.86 per cent to close at Rs 292.25, off from day's low of Rs 286. State-run Indian Overseas Bank rose 6.70 per cent to Rs 59.60. But State Bank of India shed 0.37 per cent to Rs 623.05 on selling pressure.

ONGC rose 5.20 per cent to Rs 887.45 on sustained buying from mutual funds on the inclusion of the stock in the NSE's S&P CNX Nifty index. ONGC will be replacing Digital Globalsoft in the S&P CNX Nifty from April 12.

Engineering major BHEL vaulted 1.23 per cent to Rs 635.85 on reports that the company is expecting contracts worth Rs 1,000 crore for construction of power projects in south India.

Power Trading Corporation, which made a sterling debut on the bourses on Wednesday, ended 5.94 per cent lower at Rs 42 on selling pressure at higher levels, after touching a new high of Rs 47.95 in early trades.

Biocon, which too listed on Wednesday, rose further, closing at the 20 per cent upper limit of Rs 581.20, a new high for the stock.

Pantaloon Retail India jumped 5.82 per cent to Rs 321.90, off from a new high of Rs 333.90 on sustained buying on hopes of improved quarterly results.