Cyclicals sustain rise

STOCKS REPORT

The markets consolidated gains for the third straight session on Friday as traders bought metal, power and cement stocks on hopes these sectors will report strong earnings growth in a booming economy.

"The strong economic growth has raised expectations of robust corporate earnings growth," a dealer with a local brokerage said.

The Bombay Stock Exchange's 30-stock Sensex rose 47.23 points, or 0.82 per cent, to close at 5,788.08. The benchmark index, after opening at 5,762.81, touched a low at 5,700.60 and a high at 5,799.16 during intraday trades. With today's gain, the Sensex has surged 259.14 points during the week.

The National Stock Exchange's S&P CNX Nifty, a 50-stock broader index, gained 21.45 points, or 1.18 per cent, to end at 1,841.10. During the week, the index has gained 93.60 points.

Market breadth was positive, with gainers outnumbering losers by two-to-one in brisk trades.

Cement stocks remained buyocant on reports of higher despatches. Grasim Industries, third-biggest cement maker jumped about four percent to Rs 1,139.95, after it said cement shipments in March rose 3.5 percent from a year ago to 1.173 million tonne.

Associated Cement Companies, the biggest producer, rose 1.21 per cent to Rs 264.55 on an eight per cent growth in shipments for March to 1.48 million tonne.

Meanwhile, Tata Steel surged more than two per cent close to close at Rs 403.45, after it said it had shipped a record 4.09 million tonnes of the commodity in the year ended March. Elsewhere, Reliance Energy rose 4.06 per cent to Rs 795 and Tata Power rallied 2.40 per cent to Rs 393.05 on institutional buying.

Cellular major Bharti Tele-Ventures vaulted 5.79 per cent to Rs 171.80, off from its a new high of Rs 173.25 in intrday trades on reports that the company is close to striking a Rs 400 crore deal to acquire Hexacom, a cellular service operator in Rajasthan.

Reliance Industries, the biggest petrochemicals maker, gained 1.83 per cent to Rs 566.10 on news the company and Canada's Niko Resources had discovered two offshore gas fields in eastern India. State-run engineering major, BHEL shed 2.25 per cent to settle at Rs 622.70. The stock hit a high of Rs 645 and a low of Rs 598.70 in intradat trades.

Software bellweather Infosys Technology shed 2.10 per cent to close at Rs 4,999.85 on selling pressure after Thursday's gains. Wipro fell 1.82 per cent to Rs 1,348.80. But Satyam Computer bounced back from a low of Rs 298.55 to Rs 308, but settled at Rs 306.30, up 0.29 per cent over its Thursday's close.