Sensex closes with gains; United Spirits ends on a high

Commentary

oi-Sunil

By Sunil Fernandes

Updated: Tuesday, October 9, 2012, 15:37 [IST]

Indian benchmark indices ended the day higher despite weak global cues on sustained buying in frontline stocks. The Sensex ended the day higher by 84 points, while the Nifty ended the day with gains of 26 points. Markets lost some ground after comments from BSP Chief Mayawati who said that the BSP would consider their decision to support the UPA government on Wednesday.

United Spirits closed the day 6% higher after Vijay Mallya and Kishore Chhabria agreed to settle their dispute over the ownership of the largest selling whisky brand in the world, Officer's Choice, out of court.

Among the top gainers from the S&P CNX Nifty stocks in trade today were Sun Pharma, Ultratech Cement, Larsen and Toubro and Kotak Mahindra.

Shares of DLF continued their decline for a second day in a row following allegations of undue favours extended by the company to Congress President Sonia Gandhi's Son-in-law Robert Vadra.

Telecom shares ended the day lower following an EGOM decision on spectrum fee set to cost the companies in the sector around Rs 27,000 crores. Idea Cellular, Bharti Airtel and Reliance Communications all closed with losses today.
Top loosers from the Nifty stocks apart from Bharti Airtel were Gail, Hindalco and BHEL.

Meanwhile, markets in Europe were trading in the negative on continued worries over the eurozone region. Markets are expected to remain choppy through the week ahead of the earnings season.

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