Sensex up 15pts; Reliance drops 2%

The Sensex opened with a negative gap of 13 points at 6,485 and dipped to a low of 6,470 in early deals. It soon bounced back, and touched a high of 6,567 - an intra-day rise of 97 points - after the news of the Reliance board approving buyback at Rs 570 per share.

Profit-taking at higher levels saw the index shed gains, and close on a subdued note at 6,513 - up 15 points.

While advances were better than declines in numbers, volume and turnover data indicate selling pressure among the Sensex scrips today. While 11 scrips declined with a volume of 94 lakh shares for Rs 502 crore, 19 stocks advanced with a volume of 68 lakh shares totalling Rs 298 crore.

Reliance touched a high of Rs 545 after the buyback announcement. The scrip finally closed with a loss of more than a per cent (Rs 7) at Rs 517 with a volume of over 77.69 lakh shares on the BSE.

ITC gained nearly 1% (Rs 11) to Rs 1,309. SBI was up Rs 4 at Rs 613, and HLL was marginally higher at Rs 145. Infosys was down Rs 7 at Rs 2,057.

Cement and pharma scrips attracted buying today. While Gujarat Aumbuja was up 1.6% (Rs 7) at Rs 399, Grasim gained more than a per cent (Rs 15) to Rs 1,298. ACC was also up more than a per cent (Rs 3) at Rs 325.

Ranbaxy was up Rs 4 at Rs 1,241. Cipla and Dr. Reddy's also closed with with gains.

Tisco zoomed nearly 4% (Rs 15) to Rs 374. L&T gained nearly  2% (Rs 16) to Rs 992. BHEL moved up Rs 11 to Rs 737. HPCL was up Rs 3 at Rs 387. Bajaj was up Rs 5 at Rs 1,132.

Reliance Energy, ONGC, Maruti, HDFC, Wipro and Zee finished on a weak note.

Nicholas Piramal, which went ex-split w.e.f. today, dropped 79% to Rs 292.

Tata Teleservices logged a huge volume of over 2.8 crore shares, and the stock zoomed 19% (Rs 5) to Rs 31.

The broad market continued to be bullish with 1,389 scrips advancing, and 938 declining today.