Sensex ended with small gain of 14.78 points to settle at 13,616.73 in volatile trade. After surging over 100 points at the onset of trading tracking firm Asian markets, it gradually pared gains later and it even slipped into the red at one point of time at the fag end of the trading session. It recovered from the red and moved into the green again at close.
Sensex hit a low of 13,586.04 and high of 13,711.76.
Liquidation of positions in the November 2006 derivatives contracts ahead of expiry of November contracts on Thursday weighed on the bourses. Five Sensex heavyweights Infosys, ICICI Bank, ONGC, Bharti Airtel and Reliance Industries (RIL) slipped into the red. Cement shares rose on firm cement prices. Auto scrips edged higher after the government cut retail fuel prices.
The broad market depicted bullish trend as gainers outpaced losers by a ratio of 1.77:1 on BSE. Select side counters surged.
BSE clocked a turnover of Rs 4388 crore compared to Tuesday’s Rs 4161 crore.
Cement shares extended their recent upmove on firm cement prices. ACC gained 3.6% to Rs 1140, Gujarat Ambuja Cements rose 2.3% to Rs 146.55 and Grasim gained 2% to Rs 2770.
Cigarette major ITC advanced 2.5% to Rs 184.40. 9.3 lakh shares changed hands in the counter on BSE.
Auto shares rose after the government today announced a cut of Rs 2 per litre in price of petrol and rupee one per litre in diesel. Bajaj Auto rose 1.1% to Rs 2670, Tata Motors gained 0.8% to Rs 817 and car major Maruti Udyog added 0.6% to Rs 920.
Refinery shares slipped on worries that cut in retail fuel prices would put further pressure on their marketing margins. HPCL shed 3.5% to Rs 291.50 and BPCL lost 1.7% to Rs 354.
Indian Oil Corporation dropped 4.7% to Rs 459.90 and Bongaigaon Refinery shed 5.5% to Rs 50.65. Indian Oil Corporation (IOC) today recommended a swap ratio of four IOC shares for every 37 shares held in Bongaigaon Refinery, for merger of Bongaigaon Refinery in IOC.
Oil exploration major ONCG dropped 0.8% to Rs 859.80.
Bharti Airtel dropped 1.3% to Rs 620 on profit taking. Communist Party of India said on Tuesday it was against the entry of Wal-Mart Stores Inc. in India, a day after Bharti Enterprises – a Bharti Airtel group company announced a tie-up with the world's biggest retailer on Tuesday.
ICICI Bank shed 0.8% to Rs 855 and Reliance Industries dropped 0.1% to Rs 1249.
Software major Infosys shed 0.7% to Rs 2151 in volatile trade. On Tuesday, Infosys ADR rose nearly 1%.
Infosys, ICICI Bank, ONGC, Bharti Airtel and Reliance Industries have a combined weightage of over 40% in Sensex.