Markets end higher, ONGC spurts

The markets have closed the day on a firm note after witnessing a choppy session throughout the day. Markets made a lower opening tracking weak Asian cues. However, post the announcement of the GDP data, indices rebounded into the positive zone only to fall back in red taking cues from the European brouses.

The Gross Domestic Product (GDP) stood at 6.9% in the second quarter of FY12 as against 7.7% in previous quarter, in line with market expectations.

However, sustained buying in select index heavyweights like Reliance, ITC and ONGC helped the markets bounce back into the positive zone.

The Sensex finished on a higher note at 16,123, advancing by 115 points. The index reached the day's high of 16,180 and touched a low of 15,850.

The broader Nifty index closed at 4,832, up 27 points. The index reached the day's high of 4,852 and touched a low of 4,755.

On the global front, the US markets ended mixed yesterday. Asian markets ended lower. Shanghai was down 3% and Hang Seng down 1.8%. Nikkei, Kospi and Taiwan fell 0.4-1.2%. European markets are trading negative with CAC, DAX and FTSE falling down by nearly 1% each.

Back home, the main gainers on the Sensex were Bharti Airtel, ONGC and Sun Pharma rallied around 3% each. Jindal Steel, NTPC, Hindustan Unilever, DLF and TCS were up over 2% each.

ICICI Bank and Sterlite dropped 3% each to Rs 714 and Rs 99.30, respectively. Tata Motors and Hero MotoCorp too were down nearly 3% each.

On the sectoral front, BSE Oil & Gas index spurted by nearly 2% followed by sectors like FMCG, Telecom, Technology, Power, PSU, Healthcare and Metal, all gaining between 0.1-1%. However, sectors like Consumer Durable, Realty, Auto and Banks ended weak, all declining between 1-2%.

Meanwhile, Midcaps and Smallcaps maintained subdued movement with BSE Midcap index falling down by 0.66% and BSE Smallcap index dropping by 0.73%.

The market breadth was negative with 1,513 shares declining and 1,212 shares advancing on the BSE.