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Thursday, May 09, 2002

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Refinery stocks under selling pressure

Anup Menon

WEDNESDAY's trading saw some re-allocation of funds by the bulls. The bulls continued to be one up on the bears during the day. The day saw selling pressure in State-run companies and buying interest in top-rung technology companies. However, there was no significant gain for the market as a whole.

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The Bombay Stock Exchange Sensitive Index closed the day at 3435.06 points, up by around 11.31 points (0.33 per cent) over the previous close. The breadth of the market as measured by the ratio of stocks advancing to declines was tilted in favour of the bulls, with 824 stocks advancing in value against 594 stocks that posted declines. The ratio of stocks touching new highs to new lows indicates that the undercurrent is strongly positive, with 235 stocks touching new highs as compared to 27 stocks that touched new lows. Total traded volumes were higher as compared to Tuesday at 10.99 crore shares.

The trend at the National Stock Exchange was in line with that at the BSE. The benchmark S&P CN Nifty closed the day at 1117.60 points, up by around 6.90 points (0.62 per cent) over its previous close. The market breadth was positive, with 446 stocks advancing in value against 299 stocks that posted declines. The ratio of stocks touching new highs to new lows indicates a positive undercurrent with 119 stocks touching new highs against 2 stocks that hit new lows. Total traded volumes were higher compared to Tuesday at 17.67 crore shares.

Among the prominent gainers during the day were Widia India, Carrier Aircon, steel majors Tata Steel, SAIL and Jindal Iron and technology majors Infosys Technologies, Satyam Computer and Wipro.

The stock of Widia India continued to rise for the second day in succession, as the market seems to be expecting an open offer any time now. The stock closed the day at Rs 91.45, up by around 9.98 per cent over its previous close. Close to 35,000 shares changed hands during the day.

Another stock that attracted market interest on news that its parent is likely to buy out the remaining shares not owned by them in the company was Carrier Aircon. It closed the day at Rs 96.90, up by around 3.92 per cent over its previous close. Volumes surged, with close to 14,000 shares changing hands during the day.

Ashok Leyland also attracted some buying interest during the day after it declared a good performance for the year ended March 2002. The stock closed at Rs 106, up by around 6.37 per cent over its previous close. Volumes surged from around 2.65 lakh shares to around 4.29 lakh shares.

Steel majors Tata Steel and Jindal Steel were up on news that steel prices were strengthening. The former ended the day at Rs 120.70, up by around 1.94 per cent over its previous close. Close to 10.47 lakh shares changed hands during the day.

The latter closed the day higher by around 2.53 per cent at Rs 70.90. Close to 13,000 shares changed hands during the day.

Among the major losers during the day were stocks in the refineries sector. Rising crude prices on account of tensions in West Asia and the declining crude stockpile in the US will have an impact on refinery margins.

The stock of BPCL closed the day down at Rs 291.05. Close to 2.47 lakh shares changed hands. Another loser was IOC, which ended the day at Rs 203.80. Around 13,000 shares changed hands during the day.

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