Markets end flat
The market, which saw high volatility throughout the day’s trading session, finally settled little changed.
The 30-shares BSE Sensex was up 1.34 points to 13,190.88, as per provisional closing.Nifty ended 14 points up at 3862.65.
Aluminum and copper major Hindalco Industries jumped 5% 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% 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 $12.15 billion acquisition of Anglo-Dutch steelmaker Corus Group, payment for which is to be made today. The issue may be priced at around Rs 400 a share. The Tata Steel stock advanced close to 17% in the past one week, anticipating such a move from the company. If approved, this will be the third rights issue by Tata Steel in the last 22 years. The company issued 1:3 rights offer in 1988 and 2:5 offer in 1993.
Bhel (up 1.33% to Rs 2496), Bharti Airtel (up 1.43% to Rs 775), and Cipla (up 1.20% to Rs 236.20), were the other gainers.
IT bellwether Infosys Technologies was down 0.41% to Rs 1190, after striking a high of Rs 2038, ahead of its Q4 March 2007 results, due on Friday, 13 April 2007. Infosys’ FY 2008 guidance will be the next major trigger for the market.
Cement stocks witnessed renewed selling. ACC (down 2.08%), Gujarat Ambuja Cements (down 2.29%), and Grasim (down 0.70%), declined.FMCG major HLL slipped 1.77% to Rs 205.15
The 30-shares BSE Sensex was up 1.34 points to 13,190.88, as per provisional closing.Nifty ended 14 points up at 3862.65.
Aluminum and copper major Hindalco Industries jumped 5% 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% 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 $12.15 billion acquisition of Anglo-Dutch steelmaker Corus Group, payment for which is to be made today. The issue may be priced at around Rs 400 a share. The Tata Steel stock advanced close to 17% in the past one week, anticipating such a move from the company. If approved, this will be the third rights issue by Tata Steel in the last 22 years. The company issued 1:3 rights offer in 1988 and 2:5 offer in 1993.
Bhel (up 1.33% to Rs 2496), Bharti Airtel (up 1.43% to Rs 775), and Cipla (up 1.20% to Rs 236.20), were the other gainers.
IT bellwether Infosys Technologies was down 0.41% to Rs 1190, after striking a high of Rs 2038, ahead of its Q4 March 2007 results, due on Friday, 13 April 2007. Infosys’ FY 2008 guidance will be the next major trigger for the market.
Cement stocks witnessed renewed selling. ACC (down 2.08%), Gujarat Ambuja Cements (down 2.29%), and Grasim (down 0.70%), declined.FMCG major HLL slipped 1.77% to Rs 205.15
Labels: Nifty.Sensex
posted by SY at 5:14 PM
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