The Hindu Business Line : Markets fluctuate, end on a flat note

Pointers
Day marked by volatile trading
Trading volume almost unchanged compared with Monday
Patni and Gujarat Alkalies were stars of the day

It was another day of a yo-yoing movement, before the indices managed to end the day marginally up. The Sensex gained a measly 7.78 points to end at 10751.66 points; the Nifty put on 4.60 points to settle at 3147.80.

On a day when most of the sectoral and market-cap related indices on the BSE ended in negative territory, the exception was the capital goods index, which ended the day with meaningful gains.

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The Sensex opened just a shade lower compared to its close on Monday and registered its day's high in the opening hour of trade.

It then started losing ground thereafter, and shed about 130 points from its day's high, before recovering to end in the green by a fraction.

The advance-decline ratio was almost level pegging, at 5:6. Total volume of trade at about Rs 2,200 crore almost remained unchanged compared with Monday.

FIIs, though, were net sellers to the extent of Rs 106 crore, as against being net buyers to the tune of Rs 185 crore on Monday.

Index stocks

Bharti was the biggest contributor to the Sensex, as it added Rs 8.1 to end the day at Rs 390.95.

The company has reported a robust quarter of earnings a few days ago and additions to subscribers over the past few months have also been stellar.

BHEL and L&T were the other prominent gainers within the Sensex.

Maruti Udyog and Hero Honda were a couple of stocks that ended in the red after the street did not appear to be too impressed with their monthly sales numbers.

While the former reported a growth of 3.7 per cent, the figure was 2.3 per cent in the case of Hero Honda.

In contrast, Bajaj Auto's sales rose by 34 per cent; though the stock ended lower on the BSE, it closed with gains of Rs 12.35 to end at Rs 2,474.55 on the NSE.

Stock-specific moves

Patni Computers was one of the star gainers of the day, after it declared its second quarter numbers. The stock hit the 20-per cent circuit filter.

Though headline numbers suggest that Patni has made a loss of the quarter, these have been brought about by a higher tax outgo on account of charges relating to earlier periods.

Adjusted for this charge, quarter-on-quarter growth reported solid growth and that appears to have found favour with the street.

Gujarat Alkalies was another stock that was buzzing around on Tuesday; it, too, hit the 20-per cent circuit filter.

A news report suggesting that Reliance would be interested in picking up the stake owned by the Gujarat Government in the company acted as the trigger for the movement in the stock's price.

Other gainers and losers

Other stocks that posted gains included Archies, Aftek Infosys, LMW, Divi's Laboratories, Honeywell, Areva T&D.

A few other prominent stocks that ended on the losing side includes BF Utilities, MICO, Crompton Greaves, i-flex Solutions, Bharat Electronics and Punj Lloyd.