The Hindu Business Line : Good corporate results propel markets

It was the day of the bulls on Wednesday also as the Sensex moved to new highs. Markets opened on a strong note and continued their momentum to reach an intra-day high of 9,714.5 before settling at 9,685.7 - a record close with a gain of 135.8 points. The S&P CNX Nifty added 32.3 points to 2,940.4.

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The rally may have been propelled by good corporate results announced during the day and also by the higher economic growth forecast made by the Reserve Bank of India on Tuesday.

Larsen & Toubro was the biggest gainer among the basket of BSE-30 stocks. The stock surged Rs 96.3 or 5 per cent to Rs 2,039. The company along with its South Korean partner Samsung Heavy Industries won an order worth Rs 2,117 crore from ONGC.

ICICI Bank and HDFC also closed in the green while State Bank of India and Reliance ended with declines.

The consumer goods sector hogged the limelight with impressive third-quarter results. Colgate-Palmolive jumped 20 per cent to Rs 340 after its third-quarter profits rose 46 per cent to Rs 41.7 crore. Marico also announced a 43-per cent increase in its Q3 profits.

The stock added 3 per cent to Rs 405. Hindustan Lever, ITC and Nirma were other gainers in the segment.

Sugar stocks took a break from the winning trend with most stocks ending in the negative turf.

Oudh Sugar Mills was the biggest loser and declined 8.6 per cent to Rs 192.6. Balrampur Chini, Shree Renuka Sugar and Ponni Sugars also ended in the red.

Bajaj Hindusthan and Bannari Amman Sugars however weathered challenges and closed in the green.

The BSE Capital Goods index was the biggest gainer among sector wise indices.

Apart from frontline player Larsen & Toubro, Alfa Laval surged 10 per cent to Rs 1,175. Jyoti Structures, KEC International and Bharat Electronics also closed with smart gains. Havell India and Bharat Bijlee however ended lower.

Despite weakness seen in the BSE Midcap space, select stocks such as Hotel Leelaventure, Varun Shipping and Max India managed to remain afloat.

HCL Technologies, Nicholas Piramal and LML were prominent gainers among the Nifty constituents while VSNL, Cochin Refineries and Oudh Sugar Mills were conspicuous losers.