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Broader markets outperform benchmarks

January 25, 2012 16:39 IST

BSEMarkets extended gains on Wednesday with the broader markets outperforming the benchmarks on bargain hunting by investors in fundamentally sound mid-cap and small-cap shares.

The BSE mid-cap index ended higher by 1.25% or 72 points to close at 5,834 levels and the small-cap index jumped 1.2% or 74 points to end at 6,401 levels.

The Sensex ended above 17,000 led by index heavyweights Reliance Industries and Infosys along with Tata Motors.

The 30-share Sensex ended up 81 points at 17,077 and the 50-share Nifty ended up 31 points at 5,158.

SCI was the top gainer from the mid-cap space, up 11.4% to Rs 66. IL&FS Tranportation Network jumped, 10.2% to Rs 201.

Great Eastern Shipping, Tata Teleservices, Aurobindo Pharma, Dish TV and Sintex Industries also advanced 7.5-8.5% each.

From the small-cap space, Indosolar, Zensar, parekh Aluminex, Federal-Mogule Goetze and Indo Rama Synthetics were among the top gainers.

Infosys ended up 1.5% at Rs 2,620 on the back of better-than-expected earnings from US-based Apple Inc.

Reliance Industries ended up 1% at Rs 783 on the back of buyback offer from the company at Rs 870 per share.

Tata Motors witnessed strong buying support and ended up 3.8% at Rs 230.

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Technical analysts said that the stock will remain in an uptrend above Rs 220.

Coal India was the top Sensex gainer, up 4% to Rs 343.

Tata Motors, Tata Steel, Sterlite Industries, Maruti Suzuki, Infosys, HDFC, Bharti Airtel and reliance Industries were also among the top gainers, up nearly 1-3% each.

Metal stocks were among the leading gainers on the BSE.

The BSE metal index was the top sectoral gainer, up nearly 2% or 199 points to 11,362. Sesa Goa, NMDC, Bhushan Steel, Tata Steel, Sterlite Industries and JSW Steel were among the top gainers from this space.

PSU stocks also edged higher in trades on Wenesday.

The BSE PSU index ended higher by 1.2% at 7,379 levels. Engineers India, HPCL, Neyveli Lignite, MTNL, BPCL, REC and Power Finance Corporation were among the top gainers.

Capital goods stocks faced some bit of selling pressure. The BSE Capital Goods index was the only sectoral loser, ended lower by 0.3% or 34 points at 10,175 levels.

Bharat Electricals, Siemens, Alstom Projects and L&T were among the losers.

Smart Movers

Shares of sugar companies were in limelight in noon deals after the government issued permits to mills to export 5,92,036 metric tons of the sweetener, reports suggest.

Among individual stocks, Balrampur Chini Mills, Shree Renuka Sugars, Bajaj Hindustan and Triveni Engineering are trading higher by 5-6% each on the Bombay Stock Exchange.

Jay Shree Tea tanked 8% to Rs 102 after reporting a 97% year-on-year (y-o-y) drop in net profit at Rs 0.65 crore for the quarter ended December, due to higher raw material and traded goods cost.

GMR Infrastructure rallied 6% to Rs 30.50 on reports that the company is in final stages to raise close to Rs 600 crore through the private equity route to fund expansion of its highways business.

Kirloskar Oil Engines moved up 5% at Rs 148 after the board of directors of the company approved a buy back of equity shares at a maximum price of Rs 170 per share through open market purchase.

Strides Arcolab has soared 9.4% to Rs 523, extending its two day's rally on the bourses on hopes that reduction of foreign debt would strengthen its balance sheet.

The overall breadth was positive as 1,808 stocks advanced while 1,040 stocks declined.

BS Reporter in Mumbai
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