Metal, pharma shares move up

STOCK REPORT

Buying in metal and bank shares helped key indices end higher for the third consecutive session despite a higher-than-expected inflation rate.

Weakness in the Asian markets and caution ahead of the extended weekend pulled market off highs, dealers said.

Metal shares gained as lead and copper prices rose on the London Metal Exchange.

The Bombay Stock Exchange Sensex ended at 12856.08, up 69.31 points or 0.5 per cent, after touching a low of 12711.50 and a high of 12899.31 intraday.

The National Stock Exchange Nifty ended at 3752.00, up 18.75 points or 0.5 per cent. It touched a low and high of 3709.15 and 3771.45.

Combined turnover on both exchanges was Rs 10,100 crore, little changed from Wednesday.

The CNX Midcap Index ended up 1.2 per cent and S&P CNX 500 Index up 0.6 per cent.

The BSE Metal Index rose 3.1 per cent and BSE Bankex rose 1.9 per cent.

Top Nifty gainer, Zee Entertainment Enterprises extended gains as its new Indian Cricket League is seen improving viewer ratings, analysts said. The stock ended at Rs 267, up 7 per cent. Investors paid little attention to higher-than-expected inflation data. India's inflation rate slipped to 6.39 per cent in the week to March 24 from 6.46 per cent in the previous week.

Automobile shares gained on Thursday on value buying after three sessions of losses. Maruti Udyog rose 1.3 per cent to Rs 756.

Shares of steel companies ended up on speculations of a Rs 1,000-1,200 per tonne price hike within the next two days. There is talk that the steel and finance ministries are likely to meet soon to discuss prices.

Analysts said steel prices will remain buoyant due to strong demand on the back of robust economic growth. Tata Steel was one of the biggest Nifty gainers, up 6.3 per cent at Rs 465.

Steel Authority of India ended at Rs 115, up 2.4 per cent.

Cement shares gained on talk manufacturers may end the agreement to hold prices steady for one year, if the government tries to force cement makers to cut prices. Sentiment for cement shares also improved after the government on Tuesday said it was open to considering a dual tax structure for the industry.

Grasim Industries ended at Rs 2,109, up 2.3 per cent, ACC at Rs 722, up 1 per cent, and Gujarat Ambuja Cements at Rs 106, up 1.2 per cent.