Markets End on a Positive Note

Markets edged higher in the afternoon session and ended the day on a positive note after engineering conglomerate L&T (Larsen & Tourbo) reported 17% rise in the fourth quarter profit. Nifty opened marginally higher and continued to trade lacklustre as investors turned to the sidelines ahead of the L&T results. The index touched a high of 5,453 in the afternoon session after L&T reported net profit of Rs 1,686 crore against Rs 1438 crore same time last year, higher than estimated Rs 1,550 crore by various brokerages. Quarterly profit was boosted by pick up in project execution and one time gain from stake sale. The S&P CNX Nifty ended at 5,422, up 8 points, and the Sensex closed at 18,141, up 55 points.  BSE Capital Goods index was leading the gains after L&T reported upbeat results despite the deferment of some infrastructure and power orders. The BSE Capital Goods Index was up 2.8%, besides L&T, Siemens surged 1% and Crompton Greaves advanced 0.7%. From the broader markets, the midcap and the small cap indices were trading marginally higher, up 0.7 and 0.5% each. Market breadth was positive, 1072 stocks advanced for 1683 stocks which declined.