Sensex ends 6.30 pts lower to close at 13,183.24

Mumbai, Apr 11: The Sensex today registered a marginal loss of 6.30 points on the Bombay Stock Exchange to end in the red at 13,183.24 following a sharp slide in the final hour of trade.

Interestingly, departing from the trend, the broader 50-stock Nifty Index gained 14.50 points on the National Stock Exchange (NSE) to end in the green at 3,862.65 from it's previous close of 3,848.15 points.

The markets, which saw high volatility throughout the day's trading session, finally settled range-bound. The 30-shares BSE Sensex opened higher at 13,221.76, and struck a fresh intra-day high of 13,294.90, while it's low was 13,161.21. However, the market-breadth on BSE was strong. There were close to 1.5 gainers for every loser. Against 1,548 shares advancing, 1027 declined, while 72 remained unchanged. The total turnover on BSE amounted to Rs 3847 crore. Among the Sensex pack, 16 declined while the rest advanced, market analysts noted.

The Nikkei settled up by 0.03 per cent or 5.38 points at 17,670.07, while the Hang Seng was up 0.50 per cent or 101.56 points to 20449.43.

US stocks edged higher yesterday as a rebound in oil prices lifted energy shares and Citigroup gained on expectations of big job cuts.

The Dow Jones industrial average rose 4.71 points, or 0.04 per cent, to end at 12,573.85. The Standard&Poor's 500 Index gained 3.78 points, or 0.26 per cent, to 1,448.39. The Nasdaq Composite Index advanced 8.43 points, or 0.34 per cent, to 2,477.61.

Oil prices steadied today as investors turned attention to Iran's nuclear activities and dwindling gasoline stocks in the US, the top consumer. US crude for May delivery was down 2 cents at USD 61.87, a barrel.

Aluminium and copper major Hindalco Industries jumped 5 per cent to Rs 143, on high volumes of 16.88 lakh shares and was the top gainer. India's largest private sector steel manufacturer Tata Steel followed with gain of 3.42 per cent to Rs 512.50 on high volumes of 26.01 lakh shares. It had surged to a high of Rs 519. There are reports that it is likely to launch a rights issue of nearly Rs 3,500 crore to part-finance its USD 12.15 billion acquisition of Anglo-Dutch steelmaker Corus Group, payment for which is to be made today.

Bhel (up 1.33 per cent to Rs 2496), Bharti Airtel (up 1.43 per cent to Rs 775), and Cipla (up 1.20 per cent to Rs 236.20), were the other gainers.

IT bellwether Infosys Technologies was down 0.41 per cent to Rs 1190, after striking a high of Rs 2038, ahead of its Q4 March 2007 results, due on Friday. Infosys' FY 2008 guidance will be the next major trigger for the market. The Rupee's sharp surge in late-March 2007-early April 2007, uncertain US economic outlook and certain client-specific risks, have raised concerns that the FY 2008 guidance by Infosys Technologies may turn out conservative. Infosys unveils the full year guidance at the beginning of the financial year along with Q4 March 2007 results, on Friday.

Satyam Computers (down 0.34 per cent), TCS (down 0.41 per cent) and Wipro (down 0.23 per cent) slipped.

Index heavyweight Reliance Industries (RIL) was up 0.38 per cent to Rs 1387.05 on 4.42 lakh shares. It advanced to a high of Rs 1398.

Pharma shares witnessed selling pressure. Ranbaxy Laboratories lost 4.02 per cent to Rs 343.40, and was the top loser. Dr Reddy's declined 2.76 per cent to Rs 700.

Cement stocks witnessed renewed selling. ACC (down 2.08 per cent), Gujarat Ambuja Cements (down 2.29 per cent), and Grasim (down 0.70 per cent), declined.

FMCG major HLL slipped 1.77 per cent to Rs 205.15 on 8.44 lakh shares. It slipped from a high of Rs 209.75.

Gremach Infrastructure Equipments&Projects settled at Rs 83.95, a discount over IPO price of Rs 86, brokers said.

UNI