The Hindu Business Line : Sensex ends flat after late recovery

The 30-stock index was marginally down by 0.55 points (0.01 per cent). Sensex opened at 5105.26 points, marginally higher than the previous week's closing of 5,102.92 points.

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The index remained in the negative territory throughout the day, as it traded within a band of 59 points.

During the last hour of the trading, buying in the key index heavyweights enabled it to cut losses before it closed at 5102.37 point.

The slightly broad-based index, the S&P CNX Nifty however, edged up marginally by 0.06 per cent to 1599.15 points. On the NSE, the trading volumes were at 25.29 crore shares as against the 24.4 crore shares last Friday.

On the BSE, barring the BSE TECk index, most of the indices closed the day on a negative note. Of the total 1,859 stocks that were traded on the BSE, 928 gained, 848 declined and the rest remained unchanged.

Among the Sensex constituents, 14 stocks advanced and the rest declined.

Among the gainers was the index heavyweight ITC, which rose by 1.9 per cent to Rs 1,037.55. The stocks of Reliance Industries, Infosys Technologies and ICICI Bank also managed to register gains.

Construction cos buoyant: Construction companies were among the buyer's favourite on Monday. The stock of Larsen & Toubro rose 1.7 per cent to Rs 778.45. The stock is to be a constituent of the Sensex from September 27. It will be replacing the State-owned MTNL.

Other construction stocks that gained include IVRCL Infrastructures (1.8 per cent), Nagarjuna Construction (1.5 per cent), Madhucon Projects (9.9 per cent) and Era Constructions (4.6 per cent).

Strong buying interest was also seen in the stocks of Kale Consultants (10.7 per cent), Sri Adhikari Brothers (8.7 per cent), Syngenta India (8.5 per cent), D-Link India (7.1 per cent) and Balaji Telefilms (6 per cent).

Stocks and news: Housing Development Finance Corporation plans to sell 2.75 crore shares of Intelenet Global Services to Barclays Bank Plc, UK for a consideration of Rs 164 crore. The stock was down 1.5 per cent to Rs 553.65.

Tata Steel is to acquire the steel business of NatSteel, Singapore at an estimated cost of Rs 1,313 crore. Coupled with sharp increase in trading volumes the stock was up by 4.1 per cent to Rs 266.15.

Other steel stocks that witnessed robust trading volumes include SAIL, Essar Steel and Jindal Vijayanagar Steel.

Nava Bharat Ferro Alloys plans to expand the capacity of its power plant at Andhra Pradesh by 32 MW to 82 MW at an estimated cost of Rs 80 crore. The stock was up 5 per cent to Rs 271.65.

After the close of the day's trading, Man Industries announced that it has entered into a joint venture agreement with Aluchem Inc of US to bid for new project in Gujarat for making alumina and alumina-based products. The stock was up 5 per cent to Rs 81.75

Greaves Cotton announced that it has deferred its share buy-back plans. The stock fell by 4.5 per cent to Rs 59.05.

Helios & Matheson Information Technology plans an issue of bonus shares in the ratio of 1:1. The stock was up 1.4 per cent to Rs 113.

Birla Global Finance plans to raise funds to the tune of Rs 40 crore through a preferential issue of one crore equity shares of Rs 10 each at a premium of Rs 30 per share to TGS Investments and Trade. The stock was marginally up by 0.8 per cent to Rs 38.5.

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