Markets recover from mid-day slide, close higher

Calcutta News.Net
Tuesday 6th January, 2009 (IANS)

Indian equities markets recovered Tuesday from a mid-afternoon fall to close marginally higher with a key index closing 0.59 percent higher than its close Monday.

At the closing bell, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 10,335.93 points, up 0.59 percent or 60.33 points over its previous close of 10,275.6 points.

The broader S&P CNX Nifty index of the National Stock Exchange (NSE), however, closed lower at 3,112.8 points, down 0.28 percent from its last close.

Other market indices like the BSE midcap index recorded a slight loss, falling 0.19 percent over Monday's close, while the smallcap index lost 0.23 percent.

Interest rate sensitive stocks like metals and banking were the highest gainers in Tuesday's trade with the BSE metal index up 2.02 percent, while the BSE banking index gained 1.62 percent.

Top gainers included Grasim Industries (up 8.37 percent to close at Rs.1,231.55), ACC (up 7.67 percent to close at Rs.506.15) and Jaiprakash Associates (up 7.34 percent to close at Rs.93.95).

Another top gainer was Satyam Computer, which saw its scrip shoot up on rumours that the company had been approached by smaller rival - Tech Mahindra - for a merger.

Though both companies denied the news, the two scrips closed higher with Satyam closing 7.31 percent up to close at Rs.166.90, while Tech Mahindra stock was up 4.18 percent to end at Rs.295.45.

Maytas Infra rose 4.3 percent to Rs.167.40 after the construction firm, controlled by the founders of Satyam Computer, said it bagged a Southern Railway contract worth Rs.1.1 billion.

Among the prominent losers were Reliance Communication (down 5.65 percent to close at Rs.263.75) and DLF (down 5.41 percent to close at Rs.295.80).

Markets were more of a mixed bag with 1,244 stocks advancing against 1,271 declining. Ninety-one stocks remained unchanged.

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