The Hindu Business Line : Markets end flat; mixed action seen

Alternate bouts of buying and selling kept a check on the bulls on Friday's trading session. Markets opened on a strong note continuing the buoyancy witnessed over the past few trading sessions.

Profit booking, post-noon, pulled the indices down forcing markets to close on a flat note. The markets did not take clue from the positive vibes in Asian markets even as they closed higher. The intra-day swings led to mixed action in almost all sectors.

The week ended on a positive note with the BSE gaining 2.6 per cent and the NSE adding 3 per cent. Foreign investors continued their optimism and remained net buyers on May 3. FIIs bought Rs 907 crore more shares than they sold on May 3.

Buzzing stocks

Dishman Pharmaceuticals stole the limelight with a gain of 10 per cent to Rs 224.9. The company will increase its supply of a hypertension drug to Belgium's Solvay SA for the US market.

ABG Heavy Industries has entered into an agreement with Doosan Heavy Industries & Construction of Korea for co-operation in manufacture and supply of material handling equipment in Asian and West Asian nations. The stock rose 8.7 per cent to Rs 386.4.

Adani Exports, Unitech and Hindustan Organic Chemicals were other stocks that hit the upper limit.

KEC Infrastructure surged by 10 per cent and also witnessed a nine-fold increase over the average volumes of last two weeks.

Sector focus

Cement stocks slid further as a number of frontline and mid-cap companies succumbed to pressure from the bears. While Cement major Gujarat Ambuja Cement declined by 1.3 per cent, Kakatia Cement, India Cements and Century Textiles also followed suite and closed in the red.

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Energy stocks flared up as the BSE oil and gas index gained over 2 per cent. ONGC, Kochi Refineries, Hindustan Petroleum and Bharat Petroleum moved northwards.

Metal stocks ended on a mixed note. Hindustan Zinc gained marginally after the company raised prices after taking a cut on April 29. Hindalco closed in the red while Tata Steel declined by more than 2 per cent.

While banking stocks ended on a weak note for the day, select stocks made significant gains over the week. Bank of India, Kotak Mahindra Bank and Syndicate Bank added 20 per cent over this period.

Stock specific action

Raymond fell Rs 20.8 to Rs 577.8. The company's fourth-quarter profits declined by 22 per cent as a result of increase in tax provision. Revenues, however, increased by 20 per cent.

Shree Cement plans to invest about Rs 700 crore for capacity addition in Rajasthan. The stock, however, closed on a flat note.

New listings

Plethico Pharmaceuticals made its debut and rose 40 per cent to Rs 420.2. The stock was offered at Rs 300. Lokesh Machines listed on the bourses at Rs 245 and hit a high of Rs 300 before closing at Rs 228.3. The stock was issued at Rs 140.

BSEL Infrastructure, Finolex Industries, Rain Calcining, GMR Industries and Shyam Telecom were some of the prominent gainers among the Nifty constituents. D.S Kulkarni Developers, Sintex Industries, SSI, Kirloskar Oil Engines and Emkay Share & Stock Brokers ended as conspicuous losers.