The Sensex opened strong at 14,610.28 and gyrated in a range of 14,682.10 and 14,539.89 before concluding the day at 14,570.75 from last close of 14,544.46.
MUMBAI: Volatility continued to rock the stock markets on the first day of June series as the benchmark Sensex surrendered major part of initial gains and closed with a modest 26 points gain with help from some IT and banking counters.
The S&P CNX Nifty of the National Stock Exchange (NSE) advanced just 1.25 points to a new closing high of 4,297.05, though it touched 2,325.80 points in intra-day trade.
The 26-point gain registered by the 30-share Sensitive Index (Sensex) was also the key index's third highest closing. It opened strong at 14,610.28 and gyrated in a range of 14,682.10 and 14,539.89 before concluding the day at 14,570.75 from last close of 14,544.46, a gain of 26.29 points or 0.18 per cent.
Dealers attributed selling to week-end profit-booking and mixed Asian markets.
IT shares, which were at the receiving end due to rising rupee, recovered on fresh buying support despite rupee inching toward a fresh new 9-year high.
Initially, the sentiment got a boost after overnight news that the Indian economy grew by a whopping 9.4 per cent in 2006-07, the fastest rate in 18 years, after signs of slowing at the end of the fiscal.
Sustained buying by Foreign Institutional Investors (FIIs) also aided the firm trend. FIIs picked up shares worth Rs 168.86 crore (provisional) on Thursday while Domestic Institutional Investors (DIIs) also pumped in Rs 32.19 crore on the same day.
Banking stocks were also in the limelight despite rumours of further hike in Cash Reserve Ratio (CRR).
In derivatives, the marketwide rollover of position stood at 82.8 per cent on 31 May, indicating bullish trend and analysts expect the Sensex to record new peak in near future.
Market breadth was positive as 1,369 counters advanced as compared to 1,190 that declined.
The trading volume was relatively up at Rs 4,708.66 crore from Rs 4,536.54 crore on Thursday. MIC Elect remained the top traded share with the highest turnover of Rs 281.43 crore followed by India Bull Real Estate (Rs 243.14 crore), SBI (Rs 99.24 crore), Unitech (Rs 86.11 crore) and RIL (Rs 80.35 cr).
The broad-based BSE-100 index rose further by 24.41 points to 7,493.11 from previous close of 7,468.70.
The BSE-200 index and the Dollex-200 were quoted up at 1,773.24 and 728.59 at close compared to last close of 1,766.08 and 723.59 respectively. The BSE-500 Index improved by 24.60 points to 5,671.50 from 5,646.90 and the Dollex-30 ended higher at 2,952.26 from 2,938.60.
Infosys Tech firmed up by 19.80 to 1940.05, TCS by 10.40 to 1219.00, Satyam Computer by 8.90 to 478.50, SBI by 25.70 to 1378.10, HDFC Bank by 13.10 to 1152.85, ICICI Bank by 9.20 to 928.10, BHEL by 15.45 to 1414.35, L&T by 4.30 to 1940.05, Bajaj Auto by 10.65 to 2235.00, Cipla by 6.55 to 224.20, Grasim by 18.20 to 2520 and Tata Steel by 2.45 to 634.65.
However, RIL declined by 9.85 to 1750.35, Hero Honda by 15.25 to 717.10, Tata Motors by 8.90 to 478.50, Maruti by 6.75 to 810.90, ONGC by 4.45 to 910.15, ACC by 3.60 to 852.00, Bharti Airtel by 9.85 to 837.95, HDFC by 9.05 to 1861.75, HLL by 2.25 to 201.25and ITC by 2.15 to 161.45.
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