Choppy trade at BSE

The markets closed marginally in the green a day ahead of the F&O expiry. The Sensex ended 17 points up at 11,720 levels after a choppy session.
In the broader markets, the Nifty closed 5 points up at 3,430 levels. "A correction cannot be ruled out at these levels. Markets may remain subdued for some time now," said Amarjeet Singh, Senior VP, Mangal Keshav Securities.

"The roll over is decent in almost every counter. However, profit booking has been seen in metal stocks in last few sessions. Markets as well as technology counters may see correction," added Siddarth Bhamre, Derivative Analyst, Angel Broking.

Ranbaxy was the front-runner at the Sensex on Wednesday. The stock surged 2.3 per cent. Grasim Industries, ITC Limited, State Bank of India, ACC and Reliance Industries also gained ground.

Tata Steel, however, slipped two per cent by close. Reliance Energy, NTPC, Reliance Communication, Hindalco and Baja Auto were the other stocks to end weak.

Oil and gas stocks rise

Oil and gas index was the biggest gainer among sectoral indices. It surged 0.9 per cent by end of trading session. FMCG, BANKEX and pharma indices also closed in the green.

BPCL led the oil and gas pack. The stock surged over six per cent. Kochi Refineries, HPCL, Petronet LNG, IOC and Reliance Industries also closed in positive turf.

Among FMCG counters, Procter & Gamble, HLL, Britannia Industries and Colgate-Palmolive firmed up besides ITC.

Goodyear India was the biggest gainer among tyre stocks. It firmed up five per cent. Apollo Tyres (up 4.4 per cent), Ceat Limited (up 3 per cent) and MRF Limited (up 3.6 per cent) also gained ground.

Metals melt

Metal index, that slipped 2.2 per cent, was the biggest loser among sectoral indices.

JSW Steel (down 5 per cent), Hindustan Zinc (down 4.6 per cent), Jindal Stainless (down 4.3 per cent), Sterlite Industries (down 3.8 per cent) and Ispat Industries (down 3 per cent) ended in red besides Tata Steeel and Hindalco.

Among sugar stocks, KM Sugar was the top loser. It shed 5.3 per cent. Sakthi Sugars, Mawana Sugars, Dhampur Sugar, Balarampur Chini, Oudh Sugar and Bajaj Hindustan also lost ground.

Source:, Mumbai, August 30, 2006
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