The Hindu Business Line : See-saw Sensex ends with marginal gains

Even though the markets opened on a positive note, profit booking at higher levels trimmed the gains. Sensex, after trading in the positive terrain during the morning session, succumbed to selling pressure in the after noon session.

But thanks to selective buying in the index heavyweights, it managed to close with marginal gains. Nifty, however, ended flat. The overall sentiment in the market remained cautious, with only a single stock advancing for every two declines.

Buzzing stocks

Ispat Industries gained 7.33 per cent on news that it would invest Rs 2,000 crore to scale up capacity to five million tonne a year from the existing three mt at its integrated steel plant in Maharashtra. YES Bank was yet another mid-cap, which notched up smart gains on news that it has entered micro-finance business in a technical tie-up with Accion International. The stock appreciated 5 per cent to close at Rs 129.50.

Among counters that hit their all-time high were BHEL, Lakshmi Machine Works, Aditya Birla Nuvo, Kesoram Industries and Areva.

Sector focus

Ranbaxy was the top gainer among the large caps. The stock appreciated about 1.6 per cent on receiving a tentative approval from the US Food and Drug Administration (USFDA) for cholesterol-lowering tablets. Among the other gainers were BHEL, Hindalco, Bharti Airtel, ICICI Bank and Reliance Communication. Reliance Energy, however, was the top loser among the BSE-30 pack. Other stocks that moved southwards were Cipla, Gujarat Ambuja Cements, ACC, ITC and Dr. Reddy's Laboratories.

The consumer durable stocks traded weak, with the respective index losing close to 2 per cent on the bourses. Rajesh Exports, Gitanjali Gems and Blue Star were among the scrips that closed in the red. Auto stocks too were in the reverse gear. MRF, Amtek Auto, Escorts, TVS Motors and Apollo Tyres were among the losers.

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Most of the sugar stocks, which had witnessed some buying interest in the previous trading sessions, closed on a weak note. Oudh Sugars, Mawana Sugars, EID Parry, Dhampur Sugars and Sakthi Sugars were among the losers for the day.

Stock-specific action

Bayer Diagnostics sizzled on announcement that its board has approved paying an interim dividend of Rs 97 per share. The stock, however, closed with a gain of about 2 per cent.

Telecom equipment maker Aksh Optifibre gained about 2.24 per cent after it announced it plans to raise $30 million (approx Rs 135 crore) through domestic or international issues of debt or equity.

Vishvas Infrastructure, formerly known as Mefcom Agro Industries, gained about 5 per cent after the company said its board would consider a plan to raise up to Rs 100 crore.

Rain Commodities gained about 1.4 per cent on announcement that its board would meet on December 11 to consider raising the foreign funds investment limit.

Other gainers and losers

Among other gainers for the day were Kotak Mahindra Bank, Adani Enterprises, Sterling Biotech, IDBI and Century Textiles. Dena Bank, Suzlon Energy, Sun TV, IndusInd Bank and MphasiS BFL were among the counters that declined.