Bank, tech scrips up in flat mart

STOCK REPORT

Market recouped earlier losses and ended up 0.2 per cent as it derived comfort from lower inflation and higher industrial output figures, and on reports that Uttar Pradesh appeared set for a stable government.

Indices had fallen as much as 1.5 per cent in early trade, pulled down by losses in global markets.

"Expectations of political stability in Uttar Pradesh and favourable economic data helped revive sentiment. We can expect a positive opening on Monday provided global cues are OK," a dealer said.

Inflation for the week to April 28 was 5.66 per cent, lower than 5.77 per cent week ago and estimates of 5.71 per cent. India's industrial output for March was 12.9 per cent, up from 8.9 per cent a year ago and estimated 10 per cent.

Early results from vote counting in Uttar Pradesh showed the Bahujan Samaj Party was set to reach or even cross the 202-seat mark vital to form a stable government in the state.

The Bombay Stock Exchange's 30-share Sensex ended at 13796.16, up 24.93 points or 0.2 per cent from Thursday. Intraday, it moved between 13562.95 and 13564.18.

The National Stock Exchange's 50-share Nifty ended at 4076.65, up 9.85 points or 0.2 per cent. Intraday, it moved between 3981.15 and 4094.65.

Turnover on both the exchanges was roughly Rs 13,830 crore, compared with Rs 12,900 crore on Thursday.

The CNX Midcap Index and S&P CNX 500 Index ended up 0.3 per cent each.

Markets in Asia and Europe fell on Friday on speculation slowing economic growth in the US, the world's largest export market, will hurt companies' earnings.

Bajaj Auto ended up 4 per cent at Rs 2,720 after the company said late on Thursday it would discuss demerger of the company's manufacturing and financial business on May 17.

Bank shares were up on talk of cut in statutory liquidity ratio.

State Bank of India ended up 4 per cent at Rs 1,164 ahead of its Jan-Mar earnings declaration on Saturday. Huge provisioning for bad debts and depreciation of gilts are likely to pull down SBI's net profit for the fourth quarter to Rs 1,044 crore, down 2 per cent from a year ago, according to NewsWire18 estimates.