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| The broader S&P CNX Nifty Index settled with a gain of 18.70 points at 1,555.70, off its day's high of 1,537.30. Market breadth reflected the nervousness, with gainers just pipping losers.
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| Cement and steel makers continued to rally on expectations of a strong growth in earnings. While pharma stocks displayed selective strength, technology stocks lost ground on profit booking. Bank stocks were in the limelight on hopes of improved quarterly results.
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| A fund-manager with domestic mutual fund said: "From here on, the moves will be more sector and stock specific, though, in the short term, liquidity could push the market higher. It is time for people to look at valuations."
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| Reliance Industries surged 0.96 per cent to close Rs 484.60, but off from its intra-day high of Rs 497.45, after the company announced improved quarterly results.
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| "The results are strong but the stock may not spurt in the short term as we had a solid run in the past three months," a dealer with local brokerage house said. The stock has jumped about 43 percent in the past three months.
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| Among other heavyweights, State Bank of India soared 2.06 per cent to Rs 498.20. Cigarettee major ITC rose 1.28 per cent to Rs 893.15. FMCG giant, Hindustan Lever climbed 0.32 per cent to Rs 190.55.
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| Hindustan Petroleum, the state-run refinery, shed 3.88 per cent to close at Rs 328.20, off from a intraday high of Rs 345.
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| Hero Honda Motors eased down 2.70 per cent to Rs 329.30. Bajaj Auto tumbled 0.92 per cent to Rs 882.05 on profit booking, after recent gains.
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| Meanwhile, cement stocks witnessed hectic buying on expectations of an increase in construction activity after the monsoon rains which ended in September.
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| The Associated Cement Companies stock rose 3.32 per cent to Rs 211.50. Gujarat Ambuja Cements vaulted 2.34 per cent to Rs 236.35 and Larsen & Toubro climbed 0.38 per cent to Rs 384.70 on renewed buying on hopes of improved quarterly earnings.
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| Elsewhere, Tata Steel spurted 4.43 per cent to Rs 358.70 as traders expect strong demand and firm prices in the past quarter will drive earnings higher.
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| Pharma stocks displayed selective strength. Cipla rose 7.64 per cent to Rs 1,202.30 on fund-based buying continued on hopes of improved quarterly earnings.
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| Ranbaxy Labs gained 0.98 per cent to close at Rs 1,059.75. Dr Reddy's Labs fell 1.94 per cent to Rs 1,231.45 on selling pressure after recent gains.
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| Meanwhile, HCL Technologies eased down 3.92 per cent to Rs 194.90. Infosys Technologies tumbled 2.70 per cent to Rs 4,608.70 and Satyam Computer lost 1.49 per cent to Rs 288.50. |
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