The market ended little changed after volatile intra-day trade on Wednesday amid mixed trends in stock prices ahead of the announcement of quarterly results of Infosys Technologies on Thursday. Cement stocks traded higher after Gujarat Ambuja Cements announced that it will consider an issue of bonus shares and a stock-split.

At Close, BSE was trading at 6,467.92 (+3.31  pts) and NSE at 2,025.45 (+0.50   pts)

Trading range being: BSE - 6,449.33 - 6,515.82 and NSE - 2,018.10 - 2,038.85

After starting on a strong note, the breadth of the market turned weak in the second half of the session with 1,329 losers and 1,027 gainers.

The market displayed extreme volatility in intra-day trades today amid alternate bouts of buying and selling. With the market remaining closed on Thursday for Babasaheb Ambedkar Jayanti, players preferred not to make big bets in the market, especially when there have been apprehensions about the future guidance of Infosys Technologies, which is considered a bellwether for the Indian tech sector. Yet, short covering in the F & O segment helped the market end in positive zone.

Gujarat Ambuja Cements (up 4.73% to Rs 425.25) ended off its day’s high of Rs 439.70 on selling at higher levels after early gains. The GACL stock rose over 8% in early trades after the company announced that it would consider a stock-split and a bonus issue along with its Q3 results on 20 April 2005.

Optimism on the Gujarat Ambuja Cements counter lifted other cement blue chips like Ultra Tech Cements (up 1.01% to Rs 364.10) and ACC (up 0.82% to Rs 367).

Tech major Infosys Technologies (down 0.99% to Rs 2,097) ended lower – coming off its day’s high of Rs 2,137.80 – as selling emerged on the counter ahead of the announcement of quarterly results tomorrow. While the company is likely to post an over 50% rise in its Q4 net profit, players are somewhat apprehensive about the company’s future guidance.

Satyam Computer (down 0.56% to Rs 407.55) also came off its day’s high of Rs 413.40 on selling at higher levels after early gains.

Automobile pivotals Maruti Udyog (up 1.29% to Rs 413.30), Bajaj Auto (up 0.91% to Rs 1,090) and Tata Motors (up 1.26% to Rs 426) ended higher on short covering after early weakness.

But, Hero Honda Motor (down 2.32% to Rs 513.40) traded lower for most part of the session after the company announced disappointing quarterly results on Tuesday after market hours. For the quarter ended 31 March 2005, the motorcycles major posted a 1.98% fall in net profit to Rs 207.11 crore (Rs 211.30 crore) on sales of Rs 1,976.09 crore (Rs 1,724.44 crore). The company's board recommended a dividend of 1000% (Rs 20 per share) for FY 2004-05.

HDFC Bank (up 0.04% to Rs 558.55) ended flat – coming off its day’s high of Rs 573.25 – on selling at higher levels even after the company announced impressive Q4 results today afternoon. For the quarter ended 31 March 2005, the private sector banking major posted a 30.79% rise in net profit to Rs 202.37 crore (Rs 154.72 crore) on total income of Rs 1087.27 crore (Rs 806.31 crore). The bank also declared a final dividend of Rs 4.50 per share.

Metal majors Steel Authority of India (down 2.04% to Rs 62.50), Tata Steel (down 1.97% to Rs 381.05), Hindalco (down 0.88% to Rs 1,328.55) and Nalco (down 0.38% to Rs 169) ended lower on selling pressure amid worries that the global metal prices may come off on selling from hedge funds.

Among mid-caps, Kilburn Engg (up 5.60% to Rs 50) traded firm as buying continued after the company announced improved quarterly results on Monday. For the quarter ended 31 March 2005, the company posted a net profit of Rs 2.07 crore (loss of Rs 8.30 crore) on total income of Rs 14.68 crore (Rs 12.07 crore).

SAAG RR Infrastructure (Rs 25.75) was frozen at the 5% upper limit of the circuit breaker after the company announced that it has received a Rs 5-crore contract from Bhel for building and maintaining a factory building, township and other structures.

Subhash Projects & Marketing (up 2.22% to Rs 43.75) ended off its day’s high of Rs 47.05 on selling at higher levels. The Subhash Projects stock hit the 10% upper limit of the circuit breaker after the company announced that it has been awarded orders valued at Rs 52.39 crore.

Bata India (down 10.45% to Rs 87) traded on ex-rights basis on the bourses. Recently, the MNC footwear major announced that it would price the rights issue in a range of between Rs 45 and Rs 54 per share. The rights issue is being made in the ratio of one equity share for every four equity shares held. Bata will raise nearly Rs 70 crore from the rights issue.

The last couple of sessions’ recovery is partly attributed to the short covering in the market after recent weakness. This has resulted in low volumes and there is not major buying interest coming from local and foreign funds. The market is likely to remain range-bound amid occasional spurts and dips until the major blue chips announce their results.