IT, oil firms on a roll

STOCK REPORT

Key indices ended at record highs for the third straight session. Firm Asian and European markets saw the indices touch new lifetime peaks intra-day, but profit booking set in as valuations looked stretched at these levels, dealers said.

The Sensex ended at 13425.50, up 26.50 points or 0.2 per cent over Monday. It touched a new all-time high of 13486.74 intraday. The Nifty settled at 3865.90, up 7.15 points or 0.2 per cent. The 50-share index scaled a new peak of 3883.00 during the day.

Turnover of both exchanges was Rs 13,100 crore, up 24 per cent from Monday.

Among sectors, technology shares were the top gainers and the BSE IT Index among indices. The index closed nearly 2 per cent higher led by Tata Consultancy Services, up 2.8 per cent at Rs 1,106.25 and Infosys Technologies up 2.3 per cent at Rs 2,210.55.

TCS rose on reports Monday that the company has won a $30-35 million multi-year outsourcing contract from pharma major Eli Lilly.

HCL Technologies closed up 0.6 per cent at Rs 629.90. The stock had shot up around 2 per cent after the company announced a joint venture with Canada's Celestica.

Oil retailers advanced following a drop in crude oil prices to $58 a barrel. Hindustan Petroleum Corp ended up 2.5 per cent at Rs 307.20 and Bharat Petroleum Corp gained 1.4 per cent to Rs 368.45.

Metal shares continued to be subdued because of weak metal prices on London Metal Exchange. Steel Authority of India and Hindalco Industries shed 2 per cent each.

The BSE Metal Index ended down 1.3 per cent.

Sugar shares extended losses due to the continued ban on exports. Dhampur Sugar Mills ended down 3.1 per cent at Rs 104.75.