Battered scrips rise and shine

STOCKS REPORT

Technical bounce-back and renewed buying in the recently battered sectors such as banks, auto helped the Sensex break its three-day losing streak.

The 30-shares BSE Sensex gained 69 points to close at 4,814.85 after hitting an intra-day high of 4,824.03. The NSE S&P CNX Nifty gained 20.65 points or 1.39 per cent to close at 1,502.

Recently battered Tata Power and Tisco were among the biggest gainers among the Sensex stocks on renewed buying by institutional investors.

Tata Power stock after hitting the day's high of Rs 239.65 finally closed 7.02 per cent higher at Rs 237.70 on back of impressive volumes of more than 32.38 lakh shares at the BSE. The renewed buying was on back of news that the company has been granted license for power trading.

Steel major Tisco gained 5.48 per cent to close at Rs 287.85 as buying resumed on the counter after Monday's sharp fall. The Tata Steel stock has lost nearly 6 per cent on Monday on remarks by the steel minister that the government was considering setting up a regulator for the sector.

Among index heavyweights, Reliance Industries was up 3.69 per cent to Rs 451, State Bank of India was up 1.13 per cent at Rs 444.60, Hindustan Lever was up 0.86 per cent to Rs 128.90 and ITC was up 0.71 per cent to Rs 884.45, helping the Sensex close up at its close.

Recently battered bank stocks were in limelight on value buying at lower levels. PSU bank stocks such as Punjab National Bank moved up 5.74 per cent to Rs 256.40, Canara Bank went up 4.12 per cent to Rs 126.25 and Oriental Bank of Commerce was up 4.37 per cent to Rs 218.60. These were among the major gainers.

Bank stocks has traded weak in the recent past amid fears that the rise in interest rates may squeeze down the treasury profits of banks.

Dabur India ended 16.19 per cent lower to Rs 66.50 after the company announced the de-merger of its FMGC and pharma business. One share of Dabur Pharma was to be issued for every 2 shares of Dabur India.

With this move, Dabur India now comprises the FMCG business which includes personal care and healthcare products encompassing hair care, oral care, tonics, digestives and childcare categories. Dabur Pharma would be eventually listed on the bourses.

Auto stocks witnessed renewed buying with Ashok Leyland among the biggest gainers. While Ashok Leyland was up 4.95 per cent to Rs 216.35, others such as Tata Motors went up 2.25 per cent to Rs 396, Hero Honda Motor (up 1.41 per cent to Rs 482.40) and Maruti Udyog (up 0.85 per cent to Rs 393.45) rose on hopes that the hike in petroleum prices may not be very steep.