To the peak and back

STOCK REPORT

Key indices ended marginally up, shedding gains on profit sales in the last hour of trade. Banks were major Nifty gainers on positive reports from rating agencies. CNX Bank Index ended up 1.4 per cent.

The Bombay Stock Exchange Sensex closed at 10923.16, up 46.97 points or 0.4 per cent.

Intraday, it touched a high of 11081.90, just 12.5 per cent away from lifetime peak touched on May 11. Also, on Thursday, the Sensex topped 11000 for the first time after May 26.

Investment bank Morgan Stanley, in a recent note to clients, said the Sensex would touch new lifetime peaks if it tops 11400, with intermittent resistance at 11000.

The National Stock Exchange Nifty closed at 3190.00, up 7.90 points or 0.3 per cent. Intraday, it moved between 3234.25 and 3175.15. CNX Mid-cap ended up 0.5 per cent and S&P CNX 500 Index was up 0.3 per cent.

Turnover on both exchanges together was Rs 9,300 crore, up 21 per cent from Wednesday.

"Indices may have let go off gains on Tursday on profit sales, but we do not need to worry as there is a decent amount of buying interest in the market," Nikhil Gholani, vice-president at SSKI Securities, said.

Dealers also expect volumes to increase in coming sessions as investors are regaining confidence.

Among sector indices, BSE Bank Index was up 0.9 per cent, and BSE Auto Index was up 0.7 per cent. BSE metal, and oil and gas indices ended down 0.9 per cent each.

Among key movers, Ranbaxy Laboratories, up 4 per cent, maintained its lead among Nifty indices through out the session after a US court Wednesday reduced the validity period of rival Pfizer's patent on Lipitor by 15 months.

ABB, up 3 per cent, was other major Nifty gainer.