Sensex ends up 74pts, Tata Steel zooms 9%

Taking cues from the overseas markets, the Sensex opened with a huge negative gap of 268 points at 14,651 and dropped to a low of 14,592. However, fresh buying (mainly in Tata Steel) at lower levels saw the index recoup losses in early trades.

Buying spread to other counters as the day progressed, and the index rebounded by mid-noon trades. The index touched a high of 15,030 - up 438 points from the day's low. The Sensex finally ended with a gain of 74 points at 14,993.

The BSE Metal index surged over 4% to 11,204. The Oil & Gas index was up over 1% at 7937.

The market breadth was positive - out of 2,693 stocks traded, 1,533 advanced, 1,093 declined and 67 were unchanged today.

INDEX MOVERS...

Tata Steel soared 9% to Rs 660. ONGC surged 3% to Rs 834, and BHEL added 2.5% to Rs 1,851.

Hindalco and Reliance Energy rallied 2% each to Rs 157 and Rs 782, respectively. Tata Motors advanced 1.8% to Rs 675.

SBI and ACC gained 1.7% each at Rs 1,575 and Rs 1,044, respectively.

Larsen & Toubro, Ranbaxy and Grasim moved up around 1.5% each to Rs 2,588, Rs 372 and Rs 2,910, respectively. Bajaj Auto was up 1% at Rs 2,319.

Metal stocks witnessed huge buying today. SAIL surged 5% to Rs 161. Jindal Saw Pipes, Jindal Stainless, Jindal Steel, JSW Steel, National Aluminium, Sesa Goa, Sterlite and Shree Precoated were up 2-3% each.

...AND THE SHAKERS

Infosys shed 2.5% to Rs 1,834. NTPC dropped 1.3% to Rs 165.

HDFC and Satyam slipped around 1% each to Rs 1,957 and Rs 445, respectively.

MOST ACTIVE COUNTERS

Tata Steel topped the value chart with a turnover of Rs 212 crore followed by Reliance (Rs 175.70 crore), Everonn Systems (Rs 168 crore), ICICI Bank (Rs 134 crore) and Axis Bank (Rs 131.50 crore).

Ispat Industries led the volume chart with trades of around 3.64 crore shares followed by Tata Steel (3.25 crore), Nagarjuna Fertilisers (1.48 crore), UCO Bank (87.75 lakh) and IFCI (85.50 lakh).

DLF buys 25-acres in Hyderabad for Rs 450cr

DLF, the country's biggest realty firm, has bagged a deal to acquire
25 acres of land in Hyderabad from the state government for about Rs
450 crore.

The company is buying a 25-acre plot from the Andhra Pradesh
government at a rate of Rs 18.11 crore per acre, which means the total
cost is around Rs 452.75 crore. The land would be used for developing
IT premises, Rajeev Talwar, executive director, DLF told PTI here.

The deal comes days after the Delhi-based company agreed to buy 38
acre in the national capital for Rs 1,675 crore in the country's
biggest land deal.

[29/08/2007] Calls...

BEST SELL

INDIABULLS REAL EST (SELL) 473 (Target1) 468 ( Target 2) 464 (Sl) 488

RCOM (SELL) 513 (Target1) 508 ( Target 2) 501 (Sl) 526

JSW STEEL (SELL) 604 (Target1) 599 ( Target 2) 592 (Sl) 614