Markets pull back into green as blue chip scrips rise

Friday, February 27, 2009

MUMBAI - Propelled by gains in blue chip companies like Tata Motors, Grasim and Maruti Suzuki, Indian equities markets pulled back into green territory after being in the red for most of the day Thursday. A key index pulled shutters 0.59 percent above its previous close.

The 30-scrip Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,905.56 points, closed at 8,954.86 points, up 0.59 percent or 52.3 points.

The S&P CNX Nifty of the National Stock Exchange (NSE) closed at 2,785.65 points, 0.98 percent higher than its last close at 2,762.5 points.

The BSE midcap index was 0.09 percent higher, while the BSE smallcap index was down 0.7 percent.

Among the 13 sectoral indices on the BSE, those for auto, oil and technology stocks rose.

Top gainers on the Sensex were Tata Motors (up 7.26 percent at Rs.150), Maruti Suzuki (up 5.02 percent at Rs.696.05), Grasim Industries (up 3.67 percent at Rs.1,458.85) and Reliance Communications (up 2.88 percent at Rs.158.90).

Among the losers were Ranbaxy Laboratories (down 18 percent at Rs.169.95), ICICI Bank (down 4.63 percent at Rs.324.75), HDFC (down 3.41 percent at Rs.1,211.65) and Hindalco (down 3.12 percent at Rs.38.80).

The Ranbaxy scrip took a beating as investors hurried to offload the stock following news that the US Food and Drug Administration had alleged the company falsified data and test results in approved and pending drug applications.

The overall market sentiment was mixed with 1,014 stocks advancing, 1,341 scrips declining and 94 remaining unchanged.

Foreign institutional investors (FIIs) were net sellers, pulling out $112.30 million from the markets.

In Asian markets, a key Japanese index, the Nikkei of the Tokyo Stock Exchange, lost 0.04 percent to close at 7,457.93 points.

The Hang Seng, a key index of the Hong Kong Stock Exchange, also shed 0.85 percent from its last close.

European markets were doing better with the FTSE index in Britain rising 0.2 percent on opening and was trading at 3,913.21 points, an increase of 1.67 percent from its last close.

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