Choppiness has been noticeable over the past few trading sessions. Though indices rose well by closing time in today's trading session as compared to yesterday's lackluster performance, this was accomplished on thin volumes. To my mind, perhaps we will soon witness lower levels, as investors get increasingly jittery. The fundamental issues have still not been resolved. Oil is creeping up, inflation is rising higher and faster all over the world, ecological disasters are fueling a vicious cycle. Global markets too perked up a bit today, however individual company reports do not seem to be good with Sony reporting operating losses and foreclosures in the US rising.On the local front, the indices closed pretty well, considering the rather lousy start to the day.
The Sensex closed 1.35% and the Nifty 1.09% higher. BSE Midcaps closed 0.47%, CNX Midcaps closed 0.88% and BSE Smallcaps closed 0.44% higher.Sectorwise, metals and IT outshone the rest. The BSE Metal Index closed 4.36% higher, IT Index closed 3.8% higher. Consumer Durables closed 2.4% higher, Healthcare 1.78% and Auto 1.05% higher. All defensive segments. The rest of the sectors closed dismally flat to negative.
The chief driver of the metal index was Hindustan Zinc, up 17%, following the trend of rising zinc prices in the commodity markets due to concerns of reduced supply after the Chinese earthquake on Monday. Other major gainers include Hindalco up 6.9%, Jindal Steel up 6%, and most others up around 4%.
TCS was the chief performer today, up 7% with the rupee continuing to weaken, touching Rs 42.665. NIIT closed 5.5% higher. HCL Tech, I-flex, Infosys closed around 4.5% higher.
Titan Industries rose 8%. Dr Reddy's rose over 8%, Orchid Chemicals rose 7%.
There was bad news on the oil companies front with the government reluctant to shoulder subsidy burdens. It appears ONGC might have to give away more discounts to state-owned refining companies with crude oil prices rising, and the company's share price dragged the Sensex and Nifty down during early trade. Dredging Corporation and Shipping Corporation, beneficiaries of rising oil prices, showed gains of 5% and 6% respectively.
Cement companies such as Mysore Cement and Shree Cement dropped around 3% from the news of their dropping prices despite high input costs because of fear of competition due to increasing supplies and banned exports.Other gainers included Lanco Infratech up over 10% (some news regarding a huge order bagged by the company), Inox Leisure up 7.7%, ICI India up 6%, Alok Industries up 9%, Chambal Fertilizers up over 6%, Deccan Aviation up 6%, Electrosteel Castings up 7.5%, Geometric Software up 6.8%, Abhishek Industries up 5.5%, Binani Industries up over 5%, HTMT Global rose 6.7%, Kirloskar Pneumatic rose 8%, Ramco System rose 8% on thin volumes, Sonata Software up 8%, Zylog Systems up 6.6%.Arihant Foundations dropped 9%, Kewal Kiran dropped 6%.Market breadth on closing was positive with 1540 advancing to 1350 declining stocks on the BSE and 640 advancing to 510 declining stocks on the NSE. Total market turnover just managed to cross Rs 51000 crores.
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