The Hindu Business Line : Reliance, Infosys lead rally

IN stark contrast to the wave of profit booking that was witnessed on Thursday, markets ended Friday on a euphoric note. Strong buying in index heavyweights such as Reliance and Infosys propped up the indices.

The stocks of Reliance group companies were among the prominent gainers on Friday's trading. Though the gain was across the board, the tech stocks stood out in the market rally. Steel stocks remained subdued.

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The BSE Sensex opened on a positive note at 6,664.9 points. The initial hour of trading was rather subdued, with the index trading in a narrow band.

Subsequently, the benchmark index soared to reach a high of 6,761.1 points. It finally closed at 6,748.8, up 93 points or 1.4 per cent from its previous close.

The bellwether index is now up 8.50 per cent from a month back. The S&P CNX Nifty appreciated 1.4 per cent to close at 2,094.3 points, up from its previous close of 2,064.65 points.

More than 70 per cent of the stocks traded on the BSE advanced on Friday, reflecting the bullishness in the market. The action clearly belonged to large-cap stocks.

While the Nifty gained 1.43 per cent, the CNX Midcap 200 recorded a more sedate gain of 0.53 per cent.

Some of the strong gainers of the day were Zee Telefilms (4.9 per cent), Wipro (3.10 per cent) and Satyam (2.4 per cent).

Tech stocks were on a roll, with the CNX IT index gaining 2.1 per cent.

Besides the frontline tech companies, stocks such as Moser Baer, MphasiS BFL and i-flex Solutions also gained smartly.

Select pharmaceutical stocks also evinced investor interest. Aurobindo Pharma was a notable gainer, appreciating 9.5 per cent to close at Rs 330.5.

Astrazeneca Pharma, Zandu Pharma, Wockhardt, Ranbaxy and Divi's Labs were also among the stocks that gained.

Strides Arcolab cooled off after a two-day rally, following news of its merger with Matrix Laboratories. The stock fell 5.2 per cent to close at Rs 281.9. Matrix Laboratories, however, ended the day higher by Rs 5.1 to close at Rs 196.7.

Action in the steel space was subdued. Second- and third-rung stocks such as Monnet Ispat, Uttam Galva Steel and Bhushan Steel ended the day in the red.

Aluminium stocks Hindalco and Nalco both registered strong gains. The stock of National Aluminium appreciated 3.8 per cent to close at Rs 146.5.

In stock-specific action, Reliance group stocks were notable gainers, on unconfirmed reports that the Ambani brothers had reached a truce.

The stock of Reliance ended the day at Rs 553.15 (up 4.4 per cent). Reliance Energy and IPCL also gained Rs 17.15 and Rs 5.8 to close at Rs 530.6 and Rs 170.4 respectively.

L&T was another notable gainer. The stock rose by Rs 28.5 to close at Rs 1,112.6, following news that it had bagged a Rs 278-crore order from the National Highways Authority.

JB Chemicals gained 2.2 per cent to close at Rs 90.2. The company recently announced expansion plans.

Cummins India gained Rs 1.2 to close at Rs 125.5 on the back of strong earnings numbers.

The stock of Rajesh Exports, however, did not warm up to positive news. Although the company announced the bagging of an order worth Rs 225 crore from a US-based company, the stock slipped by Rs 13.4 to close at Rs 715.7.

Stocks that continued to enjoy good momentum include Neuland Labs, Pantaloon Retail and Kirloskar Brothers.

Patspin India, GTN Textiles, Sundaram Finance, Electrosteel Castings and Aarti Drugs were among those that witnessed strong action on the volumes front.

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