The Sensex gained 49 points on Tuesday on value buying in select index stocks. The benchmark index opened flat at 20,241 against the previous close 20,212.

It touched a high of 20,289 and low of 20,076 before closing at 20,261.

Shares of state-owned Bharat Heavy Electricals dropped after the company reported 41 per cent fall in net profit at Rs 695 crore. Its income dropped 15 per cent to Rs 8,926 crore. The result was announced during market hours.

BHEL said that it had an outstanding order book position of about Rs 100,600 crore as on 31 December 2013. It declared an interim dividend of Rs 1.31 a share.

Ranbaxy Laboratories rose 6 per cent to Rs 340 after the company reported a consolidated net loss of Rs 159 crore, lower than net loss of Rs 492 crore in Q4 December 2012. Its consolidated sales rose seven per cent to Rs 2,860 crore.

Jayant Manglik, President-Retail Distribution, Religare Securities said in line with prevailing trend, negative global cues once again led a weak start in domestic markets. However, things improved gradually and index pared intraday losses completely and closed slightly in green in the end.

“We reiterate our view that this consolidation in index is merely a pause prior to resumption of overall downtrend. And, further decline is expected in days to come. Traders have to keep a cautious approach especially for leveraged positions,” he said.

Major gainers were Essar Oil (7%), Ranbaxy Lab (6%), Power Finance (5%), Amara Raja (5%), Tata Steel (5%), REC (5%), ABB India (4%) and Tech Mahindra (4%).

Prominent losers were Idea Cellular (-5%), IRB Infra (-3%), Mcleod Russel (-3%), JUBL FOOD (-2%) and Ashok Leyland (-2%).

(This article was published on February 5, 2014)
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