Sensex gains 26.53 pts, closes high at 14,209.24

Mumbai, Jan 22: The Sensex today closed firm at 14,209.24 on the Bombay Stock Exchange (BSE) with a modest gain of 26.53 points on scattered bull support from Foreign Institutional Investors (FII's) and mutual funds.

The market ended with small gains in what was a volatile trading session. After an initial 76.36 points surge to 14,259.07, the Sensex soon lost steam. The weakness accentuated by early-afternoon, when the BSE benchmark index lost as many as 70.96 points, to 14,111.75,during the session.

The BSE IT and CD indices also advanced by 40.59 points and 36.09 points respectively. They closed at 5350.43 points for IT index and CD index at 3860.79 points, followed by AUTO index by 30.84 points and quoted at 5650.66 points, FMCG index by 25.70 points and touched 1976.06 points, TECK index by 18.14 points and quoted at 3731.76 points and HC index by 13.17 points and closed at 3898.49 points.

Meanwhile, the S&P CNX Nifty index of NSE closed positive at 4102.45 points with a small gain of 12.30 points from last close of 4090.15 points before it resumed flat at 4089.60. It recorded a day's high at 4114.50 and a low 4069.45 points during the session.

The market may remain volatile in the near term in the run up to the expiry of January 2007 derivatives contracts on January 25,2007.

The market breadth was positive. 1381 shares rose on BSE as compared to 1283 shares that declined. 52 shares were unchanged.

Gainers outpaced losers by a ratio of 1.07:1. The breadth weakened in the latter part of trading. BSE clocked a turnover of Rs 3681 crore.

European markets were in the green in early trade. Key benchmark indices in London and France were up 0.1 - 0.4 per cent. Asian stocks edged higher on Monday, following a recovery in oil and metal prices. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were up between 0.03 - 2.3 per cent, brokers said.

Car major Maruti Udyog edged up amid post results volatility. The stock rose nearly 3 per cent to Rs 938. The stock rose from a lower level after losing as much as 1.8 per cent, to Rs 893.90, in intra day soon after Q3 results hit the market. A strong 3.5 lakh shares changed hands in the counter on BSE.

Other auto shares too recovered taking cue from upmove in MUL.

Bajaj Auto was up by 2 per cent to Rs 2785 and Tata Motors rose 1.9 per cent to Rs 968.80. Tata Motors said on Sunday it had initiated construction of the small car project at Singur, West Bengal.

Bhel gained 2.3 per cent to Rs 2322 on expectations of strong December 2006 quarter results. The company unveils its numbers on January 25.

Software bellwether Infosys hardened by 2 per cent to Rs 2248.50 and IT major TCS advanced1.1 per cent to Rs 1312. Cigarette major ITC rose by 2.5 per cent to Rs 180.

Reliance Industries (RIL) lost 0.5 per cent to Rs 1372.35. RIL on Monday said it had no plans to either agree a strategic partner for developing its Krishna Godavari basin deepwater block or hive off the block into a separate company.

Satyam Computer shed 3 per cent to Rs 473. At the time of announcing Q3 results on Friday, Satyam cut FY 2007 revenue guidance. It slightly raised upward the FY 2007 EPS guidance, to Rs 20.90, from earlier guidance of Rs 20.73 - 20.81.

Bharti Airtel (BAL) eased 1 per cent to Rs 675.25 in volatile trade. The company is seen reporting a surge in net profit in December 2006 quarter on the back of strong new subscriptions.

Ranbaxy Laboratories declined by 1.6 per cent to Rs 407.50. At the time of announcing Q3 results last Thursday, Ranbaxy has forecast 15 per cent topline growth.

ICICI Bank dropped by 1 per cent to Rs 975 even as it reported stronger-than-expected Q3 results on Saturday, brokers said.

UNI