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Markets end firm after choppy session

Markets end firm after choppy session
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First Published: Fri, May 16 2008. 03 45 PM IST
Updated: Fri, May 16 2008. 03 45 PM IST
The markets ended firm after a choppy session with the benchmark index settling at 17,434 levels, up a marginal 81 points.
The 30-share index moved in a broad range of 17,315 – 17,497 levels in intra-day deals. In broader markets, the Nifty moved up 42 points to close at 5,158 levels.
“Technically, Nifty future has a strong resistance around 5,150 and must sustain above that level decisively on closing basis to negate any bearishness. Its immediate support is around 5,100 levels,” said a technical analyst with Religare Securities.
Asian markets surged on Friday as the dollar steadied against the yen and oil prices hovered below record highs, offering a rare lull in the market’s gyrations.
Back home, inflation surged to near 44-month high of 7.83% for the week ended 3 May as against 7.61% in the previous week, mainly on account of rising prices of essential food items and some manufactured products.
Leading the pack of gainers among the BSE 30 scrips were Ranbaxy Laboratories, HDFC Bank, Hindustan Unilever, ICICI Bank, Jaiprakash Associates, Larsen & Toubro, Reliance Communication and State Bank of India.
However, TCS Limited, NTPC, Maruti Suzuki, Infosys Technologies, Wipro, Ambuja Cements and Bharti Airtel ended in negative turf.
Among sectoral indices, the BSE metal index firmed up 1.8% by close of trade. SAIL was the top gainer in this space, boosted by strong performance in FY08. The company reported its highest ever net profit of Rs7,537 crore in fiscal 2007-08, up 21.5% as compared to the previous fiscal.
Sterlite Industries, Tata Steel, NALCO, Ispat Industries, Gujarat NRE Coke and Jindal Stainless were some of the other notable gainers in this space.
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First Published: Fri, May 16 2008. 03 45 PM IST
More Topics: Stocks | Markets | Sensex | Nifty | BSE |