Sensex closes 22 points up

BSE benchmark Sensex today edged up 22 points on selective buying at lower levels.

In lacklustre trade,the BSE Sensex today gained barely 22 points at 17,243.84 on select buying at lower levels amid investor caution ahead of fourth quarter corporate earnings,RBI monetary policy and weak European markets.

Capital goods,IT and metal stocks faced selling,while FMCG counters attracted good buying. Recently battered banking stocks too attracted buying.

Auto scrips were also in demand after car sales rose 19.66 per cent to 2,29,866 units in March 2012,from 1,92,105 units in the same month last year. Two-wheeler sales also increased 8.27 per cent.

The Bombay Stock Exchange 30-share Sensex moved between 17,274.69 and 17,135.76 before closing at 17,243.84,a small rise of 21.70 points or 0.13 per cent. In the last two sessions,Sensex had lost 375.28 points or 2.13 per cent.

The NSE broader 50-issue Nifty today rose by a mere 9.20 points or 0.18 per cent to close at 5,243.60.

8220;Markets opened in positive zone despite negative cues from the US markets. However,volatility was high and key indices see-sawed between positive and negative territory for the entire day,8221; said Shanu Goel Research Analyst Bonanza Portfolio.

While trend in Asia was mixed,key European markets France,Germany and the UK 8212; were trading in the red in the afternoon.

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Analysts said investors adopted cautious approach ahead of the Q4 January-March 2011-12 results,starting with IT bellwether Infosys on Friday,and annual monetary policy by the Reserve Bank on Tuesday.

Fresh off-loading by FIIs,which sold shares worth Rs 269.43 crore yesterday as per provisional data with stock exchanges,also weighed on the market.

In the broader market,shares of gas utilities,led by Indraprastha Gas,tanked by up to 34 per cent amid reports that Petroleum and Natural Gas Regulatory Board has directed the company to cut gas tariffs in Delhi.

Gujarat Gas plunged 15.10 pc,Gujarat State Petronet 8211; 7.50 pc,Petronet LNG 8211; 2.91 pc and GAIL India 8211; 1.82 pc.

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Of the Sensex stocks,Tata power rose 3.83 per cent,followed by Tata Motors 2.85 pc,Hul 2.63 pc,SBI 2.37 pc,ITC 2.19 pc,Wipro 1.50 pc,Mamp;M 1.35 pc and Sun Pharma 1.05 pc.

However,Bhel dropped 2.89 per cent,followed by Gail India 1.82 pc,Infosys 1.63 pc,Ongc 1.42 pc,Sterlite 1.42 pc,Tata Steel 1.37 pc,Jindal steel 1.28 pc and Coal India 1 pc.

Among the sectoral indices,the BSE-FMCG firmed by 1.99 pc,Auto 8211; 0.85 pc and Bankex 8211; 0.48 pc. However,Capital Goods fell 0.95 pc,IT 8211; 0.94 pc,Metal 8211; 0.90 pc,Teck 0.72 pc and BSE-Oil amp; Gas 8211; 0.63 pc.

The total market breadth remained negative as 1,432 stocks ended in the red,while 1,337 finished in the green.

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The total turnover was relatively high at Rs 2,297.75 crore from Rs 1,851.14 crore yesterday.

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