Sensex settles nominally higher in choppy trade

Mumbai, July 18: The Sensitive Index (Sensex) today registered a modest gain of 11.35 points on the Bombay Stock Exchange (BSE) to settle marginally higher at 15301.17 on account of mixed reactions caused by a combination of positive and negative factors.

''The market was volatile right from the opening bell. The barometer Sensex saw intense volatility in the last hour of trade, swinging wildly,'' market analysts said. It struck an intra-day high of 15325.78 and a low of 15160.27 in last one hour of trade. The sharp fall triggered by profit-booking after the recent rally, was reversed by short-covering and value buying, the analysts explained and added that Asian and European markets were subdued.

Among the broader markets, the National Stock Exchange (NSE) Nifty Index also gained only around 3 points to settle at 4499.55 from it's previous close of 4496.75 after opening firmer at 4498.65 and moving between 4510.80 and 4452.85 during the day's session.

Real estate stocks were in action led by real estate major DLF, and shares from metal, cement and auto also logged decent gains.

However capital goods, fast moving consumer goods (FMCG) and sugar scrips saw profit booking, market players said.

BSE data revealed that it's total turnover was Rs 5,720 crore.

The market breadth, which indicates the overall health of the market, was negative as 1,496 shares declined and only 1,158 advanced, while 89 remained unchanged. It may be noted here that the breadth was positive in the morning session. From the 30-shares Sensex pack, 16 gained while the rest slipped.

The prominent leaders today included Hindalco Industries, Reliance Communications, Bharti Airtel, Bajaj Auto, real estate major DLF, ACC, Grasim and Birla Corporation.

Larsen&Tourbo, Reliance Energy (REL), ONGC, ITC, Satyam Computers and Reliance Industries (RIL) were the prominent laggards.

Aluminium and copper major Hindalco Industries surged by 4.62 per cent to Rs 186.80, on 14.59 lakh shares. It was the top gainer from the Sensex pack, amid intense volatility, swinging in a range of Rs 173 to 187.90 Telecom pivotals, Reliance Communications rose by 1.62 per cent to Rs 569.90 and Bharti Airtel advanced by 3.45 per cent to Rs 893.10 on strong buying interest after both the firms had reported robust subscriber additions last month.

Two-wheeler major Bajaj Auto advanced by 3.24 per cent to Rs 2,291. Analysts, tracking the auto sector said that there were reports that the company is looking for a big-ticket acquisition in the European motorcycle market and that bike companies, Italian-based Ducati Motor Holding and Triumph Motorcycles of the UK are among the possible targets.

Cement stocks, which were quiet for most part of the day, suddenly firmed up in the last one hour of trade.

Shares from capital goods sector took a breather after the recent rally. Engineering and construction major L&T slumped 2.20 per cent to Rs 2340, on 2.44 lakh shares. It was the top loser from the Sensex pack.

Reliance Energy (REL) slipped 1.35 per cent to Rs 689.15 despite reporting net profit rise of 25.45 per cent to Rs 221.56 crore in Q1 June, this year as against Rs 176.61 crore in Q1 June, last year.

Total income rose 49.62 per cent to 1983.93 crore REL announced today.

Reliance Industries (RIL) declined 0.89 per cent to Rs 1,811.10 on 6.89 lakh shares on profit booking after hitting an all-time high of Rs 1,849 earlier during the day. The company had yesterday announced that it had hit gas in the first well in the Cauvery deep-water basin off the east coast of India.

The deep-water block, located in the Cauvery Basin in an area of 14,325 square kilometers, was awarded to RIL under the bidding round of NELP III. RIL holds a 100 per cent participating interest in this block. Rumours about the company's oil&gas find were floating in the markets since pre-market hours yesterday, with the stock surging 2.86 per cent on that day itself.

Real estate major DLF vaulted by 6.34 per cent to Rs 648.85 on bagging a Rs 6,000-crore project from the Delhi Development Authority for design, development and operation of an international convention centre, proposed to be developed in Sector 24, Dwarka, New Delhi.

Sun Pharma Advanced Research Company was locked at 20 per cent upper circuit at Rs 87.15 on the BSE over base price of Rs 72.65, on the day of its debut today. 3.84 lakh shares changed hands in the counter on BSE. Stock exchanges had set Rs 72.65 as base price for the purpose of calculating the daily circuit filter of 20 per cent for the first of trading in equity shares of Sun Pharma Advanced Research Company (SPARC).

The listing of the company follows a scheme of arrangement at Sun Pharmaceutical Industries (SPIL) whereby the research division of SPIL was demerged and vested with SPARC on a going concern basis.

All the Asian markets moved lower today with Japanese shares declining sharply following the powerful earthquake in northern Japan earlier on Monday. Japan's Nikkei tumbled 1.11 per cent to 18,015.89.

Hong Kong's Hang Seng was down 0.93 per cent at 22,841.92 and Singapore's Straits Times tanked by 1.84 per cent at 3,583.97.

However, Shanghai Composite was an exception, advancing 0.87 per cent to 3,930.06.

All the European indices were trading weak, except Spain's Madrid General which rose 0.26 per cent.

Shares surged on Wall Street during the last trading session, with the Dow hitting 14,000 for the first time as several blue-chip companies reported better-than-expected quarterly earnings. The Dow Jones rose 20.57 points, or 0.15 per cent, to close at 13,971.55.

Broader stock indicators ended mixed. The Standard&Poor's 500 index slipped 0.15 points, or 0.01 per cent, to 1,549.37 having set its own record highs in recent sessions. The Nasdaq Composite index rose 14.96 points, or 0.55 per cent, to 2,712.29.

Oil prices edged up today, after two days of losses, as traders awaited the release of US weekly inventory data for further proof that recovering refinery operations had lifted gasoline supplies.

London Brent crude for September 2007 rose 12 cents to USD 75.65 a barrel. US light crude for August delivery rose 23 cents to USD 74.25 a barrel, dealers said.

UNI