Market ends marginally higher
The stock market erased early gains to end the Friday trading flat as the investors resorting to profit taking at the late trading, even as gas and auto stocks gained hoping on the 7th pay commission demand boost.
Gas stocks flare up; Gail up 10%
Mumbai: The stock market erased early gains to end the Friday trading flat as the investors resorting to profit taking at the late trading, even as gas and auto stocks gained hoping on the 7th pay commission demand boost.
On the contrary to the experts who say to stay bullish, the markets seen consolidation phase and stayed in the range of 7,500-8,000 for the last few sessions.
Sensex closed gaining 27 points at 25,868, Nifty up 14 point to end at 7,857. Meanwhile the broader markets outperformed index stock with midcap and smallcap up 0.9 per cent and 0.6 23per cent, respectively.
The gas stocks have field day with the news about RasGas has agreed to alter long-term contract with Petronet LNG, while GAIL is the top gainer with 10 per cent raise on the bourses.
The other gas distributors, Petronet LNG up 6.8 per cent, Gujarat Gas surged 6 per cent and Intraprastha Gas up about 4 per cent. While auto stocks gained with Maruti and M&M ukp 2 per cent, and consumer durables space Voltas and Whirpool reported gains.
From IT space, Infosys, TCS and Wipro gained up 2 per cent at closing expecting new order from raising US economy. Among other heavywaits, RIL, L&T and Vedanta gained up to 2 per cent, while ITC and Sun Pharma saw profit booking, down over 2 per cent each.
The gainers: Gail, up 10.07 per cent at Rs 348.80; Wipro, up 1.93 per cent at Rs 568.20; Mahindra and Mahindra, up 1.92 per cent at Rs 1,316.55; Dr Reddy's Lab, up 1.89 per cent at Rs 3,349.05; and Bajaj Auto, up 1.85 per cent at Rs 2,468.50.
The losers: Sun Pharma, down 2.21 per cent at Rs 726.50; ITC, down 2.17 per cent at Rs 344.40; Hindalco Industries, down 1.53 per cent at Rs 77.30; Hero MotoCorp, down 1.07 per cent at Rs 2,563.65 and Tata Motors, down 1.06 per cent at Rs 402.85.