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Sensex closes Wed 17 pts up

The Bombay Stock Exchange index closes flat at 11,723.92 after moving in a wide range in volatile trade.

india Updated: Aug 30, 2006 18:52 IST

In volatile trade, the Bombay Stock Exchange (BSE) Sensex on Wednesday moved in a wide range and closed flat at 11,723.92, up by 17.07 points over the last close.

The market displayed a strong trend at the initial stage due to heavy short-covering ahead of the expiry of August contract on Thursday as investors rolled over outstanding positions in the August derivative contract to September, brokers said.

Firm trends in the global market and fall in world crude oil prices also gave some boost to the market at the outset.

However, profitselling at a later stage, pulled down prices and the index lost a large chunk of the initial gains, but managed to end in the positive terrain.

The BSE 30-shares index opened firm at 11,735.05 as against Tuesday's close of 11,706.85 and soon rallied to a high of 11,756.08 on heavy buying. Later, it plunged to a low of 11,643.38, only to recover and closed at 11,723.92, showing a moderate gain of 0.15 per cent over the last close.

Similarly, at the National Stock Exchange (NSE) the S&P CNX Nifty rose by 4.65 to end at 3430.35 points.

On the global front, US stocks rose on Tuesday as minutes from the latest Federal Reserve meeting helped to cement investors' views that the Fed would not need to raise interest rates again any time soon.

Crude oil prices fell below USD 70 per barrel level at USD 69.71 per barrel, extending Monday's sell-off as fears of storm damage to U S oil and gas infrastructure receded.

The broad-based BSE-100 Index improved by 7.74 points to 5,959.87 from the last close of 5,952.13.

The BSE-200 Index and the Dollex-200 also ended better at Rs 1,405.69 and 503.18 from Tuesday's close of Rs 1,404.27 and 502.73 respectively. The BSE-500 Index looked up by 2.35 points to 4,447.99 from the last close of 4,445.64 and the Dollex-30 rose to 2,069.52 from 2,066.72 previously.

Among the major gainers RIL rose by 12.55 to 1129.25, Grasim by 36.45 to 2260.40, SBI by 10.50 to 931.65, HDFC by 12.40 to 1302.35, ACC by 10.35 to 922.50, Tata Motors by 8.15 to 853.45, Ranbaxy by 9.05 to 404.55, Dr Reddy by 7.05 to 718.75, Maruti by 7.30 to 862.75, ITC by 2.75 to 187.35 and HLL by 1.30 to 236.10.

However, Bajaj Auto declined by 29.75 to 2687.90, Tata Steel by 10.40 to 506.60, RCOML by 4.20 to 304.90, Infosys by 6.75 to 1798.85, REL by 8.35 to 439.85, L&T by 5.20 to 2421.45 NTPC by 2.25 to 125.20, TCS by 6.00 to 984.10, HDFC Bank by 4.60 to 840.25, Hindalco by 2.75 to 187.35 and BHEL by 1.05 to 2282.70.