Markets nudge higher, Nifty crosses 4,000 mark

By Staff
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Google Oneindia News

Mumbai, Apr 18: The Sensex today edged up by a nominal 65.15 points on the Bombay Stock Exchange to settle at 13,672.19 as profit-booking at higher levels capped gains, taking cue from subdued European markets.

The broader 50-stock Nifty Index gained 26.65 points and crossed the 4,000 mark on the National Stock Exchange (NSE) to close at 4,011.60 from previous close of 3,984.95 points.

''European markets opened on a subdued note today despite gains in Asian markets. Key benchmark indices in London, Germany and France were down between 0.2 - 0.5 per cent. Asian markets edged up after data eased fears over inflation in the United States, a key export market for the region. Key benchmark indices in Japan, South Korea, and Taiwan were up between 0.4 - 0.8 per cent, experts noted.

Although market-breadth at the BSE ended positive, it had weakened in the latter part of trading. Against 1,324 stocks that witnessed a rise, 1,243 declined. Just 93 scrips remained unchanged. Gainers outpaced losers by a ratio of 1.06:1, clocking a turnover of Rs 3757 crore, market analysts observed.

Public Sector Banks (PSU) banks extended their uptrend. Auto and cement shares dropped. IT pivotals were mixed. Index heavyweight Reliance Industries (RIL) struck a new all-time high. Tata Steel dropped due to concerns of equity dilution after it unveiled funding plans for the Corus acquisition.

Tata Steel dropped 3 per cent to Rs 511.60 on a volume of a whopping 47.4 lakh shares that changed hands at the counter on BSE. The company had said yesterday that it will raise Rs 3655 crore (USD 872 million) from a rights issue, to fund a USD 12-billion acquisition of Anglo-Dutch steelmaker Corus Group.

Automobile makers slipped. Bajaj Auto lost 3 per cent to Rs 2471.

The stock had surged 4.2 per cent in the past two trading sessions following reports that India will enjoy a healthy monsoon. Tata Motors shed 1.1 per cent to Rs 722.

Cement pivotals slipped on profit-taking. Grasim shed 1.5 per cent to Rs 2336 and Gujarat Ambuja Cements (GACL) shed 0.7 per cent to Rs 112.90.

ONGC gained 1.6 per cent to Rs 905.50. Recently, the company had unveiled its expansion plans.

PSU banks extended gains, triggered by data showing cooling of inflation for the week ended Mar 31 this year. State Bank of India gained nearly 3 per cent to Rs 1037, Andhra Bank rose 5 per cent to Rs 82.75, while Corporation Bank rose 3 per cent to Rs 312, Bank of India advanced 2.8 per cent to Rs 188.25, and Punjab National Bank gained 1.9 per cent to Rs 476.90.

HCL Tech jumped 6.6 per cent to Rs 322.

Dish TV was hovering at Rs 102.55 on BSE. The stock debuted at Rs 120.

Index heavyweight Reliance Industries rose 0.6 per cent to Rs 1485. The stock hit a high of Rs 1495, which is a lifetime high for the scrip. The stock has surged this month after Chairman Mukesh Ambani said the petrochemicals cycle was yet to peak.

NTPC surged 3 per cent to Rs 161.90 on a volume of 16.8 lakh shares.

Telecom stocks advanced on strong growth in new subscription additions in March this year. Bharti Airtel rose 1.7 per cent to Rs 813 and Reliance Communications gained 0.5 per cent to Rs 435.


UNI

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