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Vidya Bala

THE markets witnessed volatile trading on Tuesday but managed to close with a record of 7,946.8 points — up 21.5 points or 0.3 per cent.

After a strong opening, broad-based selling brought the Sensex down to a low of 7,914.4.

Bullish activity among old economy stocks, however, helped the Sensex close at an all-time high. The advance decline ratio of 0.7:1 reflected the cautious mood that prevailed for most part of the day. The S&P CNX Nifty added 5.7 points to close at 2,428.7.

Buying by domestic funds and FIIs, fall in crude oil prices below $37 per barrel and the Government's announcement of hiking prices of petrol and diesel lent optimism to the cautious market sentiment.

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In the basket of BSE 30 (Sensex), Cipla was in the limelight after it gained Rs 9.5 to Rs 364.7. The company announced a 17-per cent increase in its sales for April to August.

State Bank of India, ITC and Bharti Televentures were the other gainers, while Bajaj Auto, Larsen & Toubro and TCS succumbed to selling pressure.

There was lukewarm response to the Government's decision to hike the prices of petrol and diesel by Rs 3 and Rs 2 per litre, respectively.

In the oil and gas space, Hindustan Petroleum gained by 1.3 per cent to Rs 299 and MRPL was up 3.6 per cent at Rs 54.7. BPCL and Chennai Petroleum did not react positively and declined by 1 per cent each.

Cement stocks saw a day of profit-booking. While heavyweights Gujarat Ambuja Cement and Associated Cement lost about 1 per cent, other mid-caps such as Mysore Cement and India Cements also stayed out of rally.

Banking stocks made a smart rally. Dena Bank was up 4 per cent at Rs 37. Oriental Bank of Commerce and Punjab National Bank were also driven up by the bulls.

While auto stocks stayed out of rally, auto ancillaries attracted attention. Omax Auto gained by 7 per cent at Rs 160. Munjal Auto and MICO also closed in the green.

G.E. Shipping and SCI were conspicuous stocks in the shipping sector. G.E. Shipping was up by 6 per cent. The stock has been moving northwards after the company announced its restructuring plan.

Tata Power remained flat after VSNL's plan to acquire the Internet service unit of Tata Power. VSNL lost Rs 2 or 0.5 per cent.

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