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Markets end marginally higher

Last updated on: October 17, 2012 16:22 IST


Markets pared early gains and ended on a flat note on selling pressure in the oil & gas space.

BSE Sensex, after touching a high of 18705, finally ended up 33 points at 18,610. Nifty ended up 12 points at 5,660.

The Asian markets traded higher on the back of strong US earnings reports brightened investor mood, while the euro hit a one-month high against the dollar as Spain dodged a bullet when Moody's Investor Service kept Madrid's investment grade rating.

Hang Seng has jumped 1% to 21,420.

Nikkei added 1.2% to 8,807.

Hang Seng advanced 1%, followed by Kospi and Shanghai Composite.

The BSE Mid-Cap index ended unchanged at 6630 and the BSE Small-Cap index was marginally up at 7,132.

The rupee today gained 22 paise against the dollar in early trade, extending gains at the Interbank Foreign Exchange market on selling of the American currency by exporters and banks.

However, it now traded at 52.87 against the dollar.

BSE realty index slipped 0.6% at 1,811. Oil & gas, banks and metal indices slipped marginally as well. On the other hand, BSE consumer durables, capital goods and auto indices were are up half a per cent each.

HDFC ended up 1.2% while Cairn India gained 1.8% on reports that MSCI, at its November review, would increase the weightage of both companies in select indices after free float of shares increased following partial stake sale by Carlyle Group in HDFC and Cairn Energy Plc in Cairn India.

Back home, HCL Tech beat market expectations with a 78% rise in Q1 consolidated net profit helped by higher contract wins. Reacting to this development the stock ended down 0.7% at Rs 580 on profit booking at the Bombay Stock Exchange.

Tata Motors Ltd will look to ratonalise its product range and overhaul its image, the head of its domestic business said on Tuesday, as he sets about reviving the firm's sputtering local business in a fiercely competitive market. Shares of Tata Motors jumped 1% at Rs 265.

"Tata Motors is expected to consolidate around Rs 250-280 levels in the short-term. But overall bias for the stock remains positive. Near term supports are at Rs 260 and Rs 250 while resistances are seen at Rs 270 and Rs 280," said Somil Mehta, Sr Technical Analyst (Equity), Sharekhan.

Tata Power was up 2% at Rs 104. HDFC, Hindalco, BHEL and Larsen & Toubro were up in trades well.

Meanwhile, GAIL slipped 2% at Rs 371. HUL, TCS and Sun Pharma were some of the other key losers.

Reliance ended down 1% at Rs 805 following a disappointing set of numbers. According to reports, the Oil Ministry has informed the Prime Minister's Office that it has not given final nod to Reliance Industries' plans to raise natural gas output from the flagging KG-D6 fields as the firm has refused to allow audit of its expenditure by CAG.

State Bank of India has reduced the processing fee on home and auto loans by 50 per cent for loans availed from October 17 to December 31.

Shares of SBI were down 0.6% at Rs 2,215.

Jaiprakash Associates rose on reports the Aditya Birla Group has revived negotiations to buy out Jaiprakash Associate's cement plants in Gujarat and Andhra Pradesh. JP Associates went up 1.3% at Rs 91.

Lupin Limited moved higher by 3% at Rs 572 on the Bombay Stock Exchange after the company said that its subsidiary has received a final approval for its Irbesatan tablets from the United States Food and Drugs Administration to market a generic version of Sanofi Aventis, Avapro tablets.

Amid profit-booking at higher levels by speculators and higher supplies, sugar futures prices today fell by Rs 8 to Rs 3,308 per quintal.

Balrampur Chini Mills fell 1%, Shree Renuka Sugars dropped 1.5% while Bajaj Hindustan shed over 2% in trades today.

The overall breadth was negative.

Out of 3,003 stocks traded, 1329 stocks advanced while 1541 stocks declined.

SI Reporter in Mumbai