The Hindu Business Line : Advancing stocks outnumber declines in dull market

Subdued to weak trends in the Asian markets weighed on the domestic bourses, which closed on a flat note on Friday. Sensex opened lower and remained sideways throughout the day before closing with a paltry gain of about 22 points. Nifty proved no different and closed with a gain of 3 points.

However, the overall market sentiment was titled towards the bulls, with the advance-decline ratio pegged at 1.5:1. Selective buying in metals, mid-caps and Public Sector Units helped sustain the market.

Buzzing stocks

Tata Steel recovered after it played down media reports about sweetening its bid for London-based steelmaker Corus Group, to stall a counter-bid by a Brazilian company. The stock gained 2.46 per cent for the day. Among mid-caps, Shreeram spurted 20 per cent on the back of volumes, as high as 18 times its two-week average. Home Textile maker Welspun India rose about 11 per cent on rumours that it was likely to announce an acquisition over the next few days. However, the company's management has denied the rumour.

Sector focus

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NTPC was the top gainer in the large-cap space. It appreciated 5.74 per cent on high volumes and struck its 52-week high during the day. Market speculation that the company would benefit the most if the Indo-US nuclear deal goes through can also be attributed towards the spurt. ONGC rose 1.35 per cent on reports that it is likely to win 21 blocks in the sixth round of the New Exploration Licensing Policy (NELP VI). Among other counters that moved northward were Dr Reddy's, Cipla, Wipro and HLL.

Mid-cap stocks witnessed selective buying. Pidilite Industries notched up gains of 12.31 per cent on renewed buying interest and huge volumes. Adani Enterprises, Mothersun Sumi, IPCA Labs and Dabur Pharma were among stocks that surged in this space. Yes Bank gained 10 per cent after the reserve Bank of India allowed foreign funds to buy up to 49 per cent of the share capital of the company.

Small-caps had their share of activity with selective new-specific stocks surging for the day. Igarashi Motors gained 17.80 per cent after its board decided to consider options available for growth and strategic alliances. The company's board will meet on November 30 for considering organic, as well as inorganic avenues for growth, and strategic alliances.

BSE capital goods index lost about 1.3 per cent. Siemens lost close to 8 per cent on profit booking. The stock had surged the previous day on the back of good results. Crompton Greaves, Tantia Constructions, Elecon Engineering, Thermax and Mather Pumps were among the counters that closed in the red. However, among counters that sported a gain were McNally Bharat, Sadbhav Engineering and DS Kulkarni.

Stock-specific action

Jayant Agro Organics jumped 14.42 per cent after it announced its proposal to raise fresh funds. However, the same shall be confirmed only after the company's board meeting on November 30.

Godrej Industries stock surged 5 per cent on buying interest. The shares were up nearly 20 per cent this week amid investor interest in the huge tract of land that the company owns.

BPL gained 5 per cent after its board decided to transfer the battery business to a joint venture, and to lease out the facilities. EMCO jumped 2.71 per cent after it received a Rs 38 crore order from Power Grid Corporation of India for setting up a sub-station.