VOLATILE SENSEX TRADES HIGHER; TATA MOTORS, SBI, ITC LEAD
Date: 10/04/2012
The BSE Sensex was hovering around its previous day's closing value due to lack of domestic and global cues. Gas stocks somewhat stabilised now after heavy sell-off in early trade. Indraprastha Gas, which crashed 45% on opening, was down over 30% post the the Petroleum and Natural Gas Regulatory Board (PNGRB) asked the company to lower its network tariff to Rs 38.58/mmbtu and compression charge to Rs 2.7/ kg as against the company's request for Rs 104/scm and Rs 6.6/kg. The new tariff is effective immediately and retrospectively from April 1, 2008. Other stocks like Petronet LNG, Gujarat State Petronet and GAIL were down 4-6% amid heavy volumes.
The BSE benchmark rose 28 points to 17,249.95 and the NSE benchmark gained 14 points at 5,248.25.
Country's largest lenders State Bank of India and ICICI Bank moved up 1.4% and 0.3%, respectively.
FMCG majors HUL and ITC gained 1.5% and 0.7%, respectively. Tata Motors, top commercial vehicle maker topped the buying list, rising 1.8%.
Engineering and construction major Larsen & Toubro rose 0.7% while state-owned BHEL dropped 1%.
However, oil & gas producer ONGC declined 1.7%. Shares of HDFC Bank, Hero Motocorp, Tata Steel, Coal India, NTPC and Sterlite lost 0.5-1%.
The market breadth was neutral and even the broader markets, which fell on opening, were flat. www.goldennifty.com
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