Metal, auto pilot gains

Taking a cue from other global markets, the BSE Sensex opened with a positive gap. The benchmark index further gained momentum on short-covering and value buying after the recent fall in blue chip stocks. While investors bought the recently battered auto and metal stocks, selling pressure continued in select technology and pharma stocks. The BSE Metal and Auto index were the biggest gainers in today's trading. The TCS stock was hammered for the second consecutive trading sessions after the company's disappointing quarterly results. The benchmark BSE Sensex in a volatile trading session finally closed with gains of 108.88 points or 1.77 per cent to close at 6243.74. The Nifty ended 20.30 points higher to close at 1929.70. “The market still lacks conviction and there could be a correction as jittery investors might book profits at very higher levels,” said a leading BSE broker. However, Vikram Kotak, president Techno Shares, said, “After a sharp correction in the past few days, the markets are fairly valued and one should look to investing 20 per cent of their portfolio at these levels.” The breadth of the market was positive with only four of the 30 shares BSE Sensex stocks ending negative. The volumes too were slightly higher and accounted for Rs 2,060 crore on BSE today compared with Rs 1,930.13 crore on Tuesday. The TCS scrip was the biggest loser down another 7.78 per cent to Rs 1,115.65. However, other IT majors such as Infosys Technologies, Satyam and Wipro (WIPRd.BO, news) bucked the negative trend on value buying at lower levels. Wipro gained 3.22 per cent to Rs 594.90, Satyam was up 2.6 per cent to Rs 377.40 while Infosys gained 1.76 per cent to Rs 1,953. The BSE Auto index was the second best performer backed by strong gains in frontline auto stocks. Tata Motors was up 4 per cent to Rs 433.70, Maruti Udyog was up 3.89 per cent to Rs 429.15, Hero Honda (HROH.BO, news) gained 5.17 per cent to Rs 515 and Bajaj Auto (BJAT.BO, news) ended 1.8 per cent higher to close at Rs 1,081. The BSE Metal index was up 2.96 per cent on value buying. Among the Sensex stocks, Tata Power (TTPW.BO, news) was up 5.14 per cent to Rs 354.15, Tata Steel (TISC.BO, news) gained 4.74 per cent to Rs 363.40, Zee Telefilms gained 3.22 per cent to Rs 134.50, Reliance (RELI.BO, news) gained 3.13 per cent to Rs 530.20 and HLL ended 2.74 per cent higher at Rs 131.05. Foreign institutional investors (FIIs) have been net sellers of Indian equities. On April 19, the FIIs were net sellers to the tune of Rs 124 crore, while in the last three trading sessions, the FIIs have sold equities worth Rs 1,155 crore.

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