The Hindu Business Line : Lack of direction keeps market on a wobble

The market participants appeared to have ignored the announcement of GDP growth estimates by the Central Statistical Organisation. Investors appear to be waiting for the final kill of the Union Budget to be announced at the end of this month.

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The BSE Sensex opened at 6528.81, before falling into the red in the early hours of trade. The Sensex then went to touch an intra-day high of 6573.93 before closing at 6544.77.

The S&P CNX Nifty was volatile throughout the day, before closing flat at 2055.15.

The shares of Balaji Distilleries hit the upper circuit filter at Rs 11.35 for the second day in a row; nearly 11 lakh shares were traded on the BSE. The stock gained 19.98 per cent over yesterday's close.

Shares of engineering companies such as Siemens, Thermax, and Crompton Greaves continued on their upward trend. The stock of engineering major ABB rose sharply in the early hours of trade to record a new 52-week high of Rs 1,270. The stock closed at Rs 1,237.10, 7.55 per cent higher than yesterday's close. Buying interest was evident in the shares of Punjab National Bank and Centurion Bank. The stock of Centurion Bank rose sharply by 7.25 per cent to end at Rs 18.50. Close to 66 lakh shares on the BSE. The company on Monday at its EGM approved raising Rs 600 crore by way of issue of shares.

On Monday, Punjab National Bank had announced that it filed the draft red erring prospectus for its follow on public offer. The banks shares gained Rs 9.10 from the previous close of Rs 400.15. The stock of UTI Bank hit a 52-week high of Rs 232.45.

The stock of Deccan Gold Mines rose 6.80 per cent from Monday's close of Rs 13.67, accompanied by a sharp spurt in trading volumes. The markets appeared to be moved by the Australian gold-prospector, Mr Mark Creasy's statement, who also happens to be a major shareholder, that the company plans to spend $5 million towards development and exploration of gold mines in India in the next four to five years.

The markets appeared to have interest in coffee plantation companies, which could be attributed to the rise in coffee prices in the international markets. The stock of Tata Coffee rose by 7.39 per cent to close at Rs 334.15, which also reflected in the prices of its holding company Tata Tea, close to 7.5 lakh shares were traded on the BSE as against the 2-week average of 88 thousand shares.

Bombay Burma Trading Corporation also witnessed a sharp rise of 20 per cent from Monday's close of Rs 109.75.

The share of Jain Irrigation rose to hit a new 52-week high of Rs 117 before closing the day's trade at Rs 114.60; earlier the company had announced its intentions of expanding its capacities and product range.

Investors enthused by the improved quarterly earnings performance reported by Havell's India, bought heavily on the companies stock. The stock notched up a gain of 8.55 per cent to close at Rs 308.5, it had earlier reached a new 52-week high of Rs 315.50.

Shares of key tyre companies Apollo Tyres, Goodyear and J.K. Industries rose sharply. The stock of Ceat for the second day rose sharply to end at Rs 70.75, the stock had touched a new 52-week before the day's close.

The stock of Balrampur Chini ended 4.68 per cent points lower from yesterday's close, investors appear to have cashed in on the gains registered over the past week.

Other prominent gainers were Kotak Mahindra Bank, Lupin, Asian Paints India, Wockhardt, Indian Hotel, National Aluminium Company and Gail India.

Notable losers were Ashok Leyland, Bharat Forgings, Cadila Healthcare, Bank of India, Aventis Pharma, Great Eastern Shipping, , Super Spinning Mills, Hinduatan Lever, Larsen & Toubro and Ranbaxy.

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