Market breadthon an even keel with 1321 stocks advancing against 1220 decliners
Supreme Courtjudgment on NTC deal
Linde dealcontinued to spark BOC
Havells Indiajumps on export order
After touching record highs on Monday's trading, the indices drifted down during the day's trading.
Though the Sensex touched a lifetime intra-day high, the lack of direction was apparent right through the day's trading. Both the Sensex and Nifty closed in the negative territory at the end of the day.
The breadth of the market remained on an even keel, with the advancing stocks matching the declines at 1321 to 1220.
The Supreme Court judgment upholding the validity of the sale of surplus lands of National Textile Mills at Mumbai proved to be the key catalyst for the day.
It also set aside the Bombay High Court judgment, which had stalled the sale and development of the surplus land.
Following the Supreme Court judgment, key stocks involved in the earlier NTC deal or sitting on prime real estate were in demand.
Bombay Dyeingstock hit the 20 per cent ceiling, closing higher by Rs 78.80 at Rs 472.90. The trading volumes also surged 23-fold during the day.
The other stocks that buzzed along with Bombay Dyeing were
Morarjee Realties, Godrej Industries, India Bulls, Ruby Millsand
Godrejstock was another significant gainer, with the stock appreciating by 15.3 per cent to close at Rs 511.45.
Apart from a price rise, in Indiabulls Financial Services, the trading volumes soared 17-fold to 47 lakh shares.
While the capital goods and engineering stocks continued to attract heightened market attention, the sector that was buzzing during the day was FMCG.
The key stocks leading the way were
McDowell, Hindustan Leverand
Among capital goods and power stocks,
ABBattracted market attention.
Sugar stocks such as
Balrampur Chinialso attracted activity.
Towards the last hour of trading,
ACCsprung to life, with a significant gain and that kindled interest across the entire cement sector led by
Gujarat Ambuja, Ultratech Cemco,among others.
The sectors that fell out of favour were IT, metals and healthcare. Prominent stocks such as Infosys and Satyam shed value.
Event specific action
Apart from price gains, the key volume buzzers during the day were
Reliance Natural Resources, Reliance Communication Ventures(that was listed on Monday) and
BOC Indiastock continued to buzz, with a gain of 3 per cent and robust trading volumes. On Monday, the Linde group had agreed to buy the BOC Group of UK.
Havells Indiastock moved up by 6.80 per cent to close at Rs 510.
The company had secured an export contract from Eaton Electrical Group for two years worth revenues of $10 million on Monday.
Sunil Hitechstock ended in the negative territory, shedding 4.5 per cent.
This is despite the company notifying to the exchange that it has been awarded contracts by BHEL and MSPC worth Rs 16 crore late in the trading day.