Sensex closes in green but 100 points lower than day's high

It was a lackluster session on the markets today. After opening on a positive note, the markets trimmed gains. The BSE Sensex closed at 17,425, up 26.7 points but down 101 points from the day’s high. The S&P CNX Nifty closed at 5,288 after hitting above the 5,300 level during trade.

The market breadth was positive. On the BSE, 1,672 stocks advanced while 1,175 declined. Among sectoral indices, consumer durables was the top gainer with a jump of 3 percent followed by realty (2 percent). IT sectors lost steam post weak economic data in the USA. The USA is one of the biggest outsourcing markets for Indian IT companies.

In the 30-share Sensex pack, 16 stocks advanced. The top gainer was Bharti Airtel which rose by 3.11 percent ahead of the cabinet meeting for spectrum pricing on Tuesday followed by Hindalco Inds (2.27 percent).

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State-owned ONGC today toppled software exporter TCS to becomes the country’s most valued company with its market capitalisation soaring to over Rs 2.48 lakh crore, driven by a spurt in share price. Reliance Industries with a market capitalisation of Rs 2.40 lakh crore stood at the third position, followed by Coal India (Rs 2.24 lakh crore) and ITC ( Rs 1.93 lakh crore).

The rupee also witnessed some improvement as it appreciated by 63 paise to 54.8 against the dollar.

Richard Harris, chief executive, Port Shelter Investment Management expects India to strengthen going forward.

“I would certainly think that India is likely to strengthen as we move forward because sentiment around the rest of the world probably will be slightly more risk-on than we are now. But the rise is going to be more muted than it was in December and January “, he said.

Stock specific news:

•Jindal Steel & Power fell 1.5 percent after news that the company is under scanner for buying ore below market rates.

•Dr Reddy’s Laboratories gained 1.5 percent after the company launched a bio-equivalent generic version of BONIVA tablets in the US market.

•TTK Prestige jumped 5 percent over news the company is looking at acquisitions in Europe to have an exclusive brand for the overseas market.

•GVK Power & Infrastructure gained 1.6 percent after news company is in discussions with a few private equity players to dilute stake in GVK Airport Holdings.