LALU MAGIC: Sensex swings 339pts, gains 17pts

After opening with a positive gap of 52 points at 13,685, the Sensex spurted to a high of 13,723 - only to slip soon into negative zone.

The index, thereafter, swung in and out of positive zone before heavy bear hammerging in noon deals saw the index tank to a low of 13,384 - down 339 points from the day's high.

The bulls, however, were not to be left behind as they came charging in, and the index rebounded into positive zone in late noon trades.

The Sensex, after exhibtiting signficant volatility in the day, finally settled with a marginal gain of 17 points at 13,650.

The BSE Metal index flared up over 2% to 9001, and FMCG index surged 1.5% to 1812.

The market breadth was marginally negative - out of 2,594 stocks traded, 1,315 declined, 1,229 advanced and the rest were unchanged today.

INDEX MOVERS & SHAKERS

Gujarat Ambuja surged nearly 4% to Rs 128. Grasim flared up 3.7% to Rs 2,354, and ACC added 3.3% to Rs 946.

Tata Motors rallied nearly 4% to Rs 846. SBI and Satyam advanced nearly 3% each to Rs 1,089 and Rs 461, respectively.

ITC gained 2.6% at Rs 170. Tata Steel also moved up 2.6% to Rs 470.

Bharti Airtel slipped over 3% to Rs 732. Reliance Communications, Wipro and Ranbaxy dropped 1.5% each to Rs 426, Rs 614 and Rs 351, respectively.

Larsen & Toubro and Bajaj Auto were down 1% each at Rs 1,592 and Rs 2,814, respectively.

RAIL BUDGET IMPACT

Cues from the Railway Budget saw scrips end on a divergent note.

Apart from ACC, Grasim and Gujarat Ambuja, India Cement rallied 3% to Rs 190, and UltraTech moved up 1% to Rs 907. Shree Cement, however, slipped 1% to Rs 1,227.

Aviation stocks took a beating. Jet Airways dropped nearly 2% to Rs 628, and SpiceJet slipped 2.8% to Rs 49. Deccan Aviation, however, surged over 3% to Rs 131.

Freight and container scrips finished on a mixed note. Gateway Distriparks moved up 2.6% to Rs 167. Container Corporation and Texmaco slipped over 1% each to Rs 1,843 and Rs 923, respectively.

MOST ACTIVE COUNTERS

Reliance topped the value chart with a turnover of Rs 235.50 crore followed by Reliance Communications (Rs 139 crore), Power Finance Corporation (Rs 131 crore), debutant C&C Constructions (Rs 114.60 crore) and Global Broadcast (Rs 114 crore).

IFCI led the volume chart with trades of around 1.35 crore shares followed by Power Finance Corporation (1.18 crore), Firstsource (97.35 lakh), new listling Transwarranty Finance (68 lakh) and C&C Constructions (46.88 lakh).