Metals tumble, techs charge up

STOCK REPORT

Stock prices ended 1 per cent down on Thursday as investors took a step back awaiting earnings guidance from Infosys Technologies early Friday.

The Bombay Stock Exchange's 30-share Sensex ended at 13113.81, down 69.43 points or 0.5 per cent from Wednesday. Intraday, it moved between 13030.87 and 13160.15.

The National Stock Exchange's 50-share Nifty ended at 3829.85, down 32.80 points or 0.9 per cent. Intraday it moved between 3811.25 and 3861.85.

Here, prices came off lows briefly after India's industrial production rose 11.0 per cent in February from 8.8 per cent a year ago, but succumbed to profit sales later.

Shares of metal companies took a severe beating on profit sales. The BSE Metal Index, which has gained 15 per cent in the last six sessions, ended down 2.5 per cent.

Turnover on both the exchanges was roughly Rs 10,400 crore compared with Rs 11,900 crore on Tuesday.

Shares of technology companies, which were hammered in the last few sessions, gained on hopes Infosys' results may beat expectations, dealers said. Some short covering also helped, they said.

"There are always some optimistic investors in the market, and on Thursday there was buying in techs by some foreign funds," a dealer said.

Infosys Technologies, up 2.5 per cent at Rs 2,046, was the top gainer in the IT sector.

The BSE IT Index, up 1.5 per cent, was the top gainer among the BSE indices.

Bajaj Auto, up 3 per cent at Rs 2,341, was the top Nifty gainer. It expects motorbike sales to improve in the near future on account of discounts that it is rolling out.

Orbit Corp listed at Rs 113 on NSE compared with issue price of Rs 117. It ended at Rs 130.

Jet Airways surged 3 per cent to Rs 630 after it confirmed on Thursday that it would buy Air Sahara for Rs 1,450 crore.

IFCI rose 3.5 per cent to Rs 38 on reports six domestic funds and institutions and eight foreign entities are keen to pick up a strategic stake in the company, with some also willing to acquire majority stake of 51 per cent.