The Hindu Business Line : Banking scrips, HLL in limelight

The Government's decision to hike fuel rates was the key development for the day. Despite the sharp rise in global crude prices, the Government had been withholding the decision to raise prices, burdening the state-owned oil companies with a part of the subsidy burden.

Today's decision flared up PSU refinery stocks as this would lower the subsidy burden of oil companies.

HPCL, BPCL, IOC and Kochi Refineries gained sharply. Bongaigoan Refinery gained 2 per cent after a sharp rise the previous day .

The power major NTPC got listed at a decent premium on the bourses. The stock touched a high of Rs 76 and a low of Rs 68 before settling down at Rs 75.5. The stock closed at a premium of 22 per cent.

Mirza Tanners and LG Balakrishna Brothers were the star performers for the day. Traded volumes soared in both the stocks in tandem with the rise in prices. Mirza Tanners has reported impressive earnings for the latest quarter perking up interest in the quarter. The stock rose by Rs 21.8 to close at Rs 177. LG Balakrishna Brothers too has been attracting hectic buying over the past few days.

Momentum counters such as Praj Industries, Opto Circuits, Glenmark Pharma and Gujarat NRE Coke took a breather, while others such as Sesa Goa continued to remain firm.

Stocks that attracted large volumes and price increases were Jain Studios, Ruchi Soya, Goetze India, Rajasthan Spinning, KIC Metaliks, Liberty Phosphates, Gemini Communications, Shri Rama Multitech, Amtek Auto, India Bulls, Liberty Shoes, Atul, Navin Fluorine, Pantaloon Retail, Bayer Cropscience, National Peroxide and Sterlite Industries.

State Bank of India and its subsidiaries State Bank of Mysore, State Bank of Bikaner and State Bank of Travancore were upbeat.

SBI rose Rs 17 to touch Rs 498. SBI said that it may review short-term deposit rates, home loan rates and loans given below the benchmark rate.

HLL was one of the sharp gainers during the day.

Despite lacklustre financial performance and no signs of pick up in the near term, the stock continues to attract interest. For the day, the stock witnessed a sharp move of 3.2 per cent to Rs 133.

Taj GVK Hotels, Thirumalai Chemicals, Ultramarine Pigments, Thermax, Sundaram Brake Linings, Samkrg Pistons, Ind-Swift Laboratories, CG Igarishi Motors, Balrampur Chini were some of the stocks that gained sharply during the day.

The stock of United Phosphorus rose 3 per cent to Rs 700 after it announced that its US unit has bought a California-based company for $35.75 million to expand its overseas business. This would enable it to consolidate its position in North America.

Good rise in volumes for October sent the stock of Tata Motors up.

The stock of auto ancillary company Amtek Auto was one of the sharp gainers. The stock moved up 9 per cent.

Royal Airways that has been touching the upper circuit filter for the past few days continued its upward journey gaining 20 per cent on Friday too.

E-Merck, Essel Propack, GE Shipping, Mercator Lines were some of the stocks that dipped in value.