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Alagappan Arunachalam

The benchmark indices extended their gaining streak into the third straight day on Wednesday. Though the markets started off on a weak note, bulls appeared to have taken control of the markets in the post-noon session. The advances-declines ratio reflected the positive sentiment that prevailed in the later hours of trade. This was further reflected in volumes, with both exchanges recording an increase in turnover. The broking community and their retail clientele appeared to have contributed to the rally; this was further supported by FIIs who turned net buyers to the extent of Rs 36 crore.

Sector watch

Metals were among the most-active counters on Wednesday. The BSE Metals index cut short its losing spree to register a sharp rise of about 2.4 per cent. Stocks of various hues and colours topped the heap in this sector. Jhagadia Copper, Jai Corp, Ferro Alloys and Mahindra Ugine represented the small-cap space. Others that topped the list included frontline stocks such as JSW Steel, Jindal Saw and Tata Steel. Hindustan Zinc, Essar Steel, Ispat Industries, and Hindalco were also among the gainers. National Aluminium and Vesuvius were among those that bucked the trend.

The auto and auto ancillary sector was also in the limelight. The sector-oriented index on the BSE registered a 2 per cent gain. Top gainers included second-rung auto ancillary stocks such as RK Forgings, Goodyear, Hitech Gears and Rane Madras. Amara Raja and Exide Industries represented the battery space. The two-wheeler space was on a firm footing with Bajaj Auto, TVS and Hero Honda registering smart gains. Tata Motors and Ashok Leyland were also among the prominent gainers.

Click here for table

The capital goods sector continued its gaining streak, extending the rally to its eight straight day. The capital goods index on the BSE has registered a 13 per cent gain over this period. Prominent gainers in this space included Everest Kanto, ABC Bearings, MM Forgings, Timken, EMCO, Asian Electronics, JMC Projects and Praj Industries. Despite the strong sentiment in this sector quite a few prominent stocks bucked the trend. The list included Orient Abrasives, Revathi Equipment, Kirloskar Brothers, Gujarat Apollo Equipment and Esab India.

Stock-specific action

Binani Industries, which took a breather on Tuesday, was up yet again. Reports that the company plans to divest shares in its subsidiary Binani Cement appear to be driving the stock. The stock, which hit the upper circuit towards close, registered a 9.5 per cent gain.

Essel Propack's plans failed to lift the spirits of market participants. The company announced that it plans to set up a plastic tubes manufacturing facility in Poland. The stock put on a 2 per cent gain on subdued volumes.

Intense activity was recorded on Great Eastern Shipping's counter with the Bombay High Court approved deadline for its de-merger expiring on Wednesday. The stock failed to make any significant movement and closed flat at Rs 223.40.

Gainers/losers

Granules India, Rain Calcining, Ramkrishna Forgings, Prima Plastics, Inox Leisure and Lincoln Pharmaceuticals were among the top gainers. United Breweries, Macmillan India, Shree Renuka Sugars, ABG Heavy Industries, Astra Microwave and Mawana Sugars.

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