Financial Daily from THE HINDU group of publications
Tuesday, Oct 21, 2003
Financial Daily from THE HINDU group of publications Tuesday, Oct 21, 2003 |
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Markets
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Commentary Columns - Sensor Tech majors end in negative terrain C. Raja Rajeshwari
THE benchmark indices opened firm on Monday but slid to the negative territory owing to weakness across sector. Markets were news-driven with stocks movements influenced either by announcements or anticipation of results. The BSE Sensex closed the day at 4851.67 points, lower by 1.6 per cent or 78.86 points. The index opened firm at 4951.1 points, which was the day's high. The S&P CNX Nifty closed lower at 1542.7 losing 26.8 points or 1.7 per cent. Both the indices moved back and forth from positive to negative territory. However, in the last one-and-half hour, the fall was steep. Index constituents, which closed with gains, were L&T, Hindalco, Bajaj Auto, Glaxo, ABB, Indian Hotels, Britannia, Tata Power, BSES, VSNL and Zee Telefilms ABB closed the day at Rs 508.8 up by Rs 15, Tata Power inched up by Rs 1.75 to close at Rs 225.7 and BSES had a marginal increase to close at Rs 419.95. Tata Power's day high of Rs 231.8 incidentally was also a new 52-week high. Jyoti Structures gained 3.8 per cent to Rs 62.8. About 57 thousand shares were traded in the BSE. The BSETECk lost 27.4 points or 2.6 per cent to close at 1042.1 points. iGate Global Solutions triggered the weakness in the tech stocks. The group announced a net loss of Rs 1.2 crore (Rs 6.5 crore profit) for the second quarter. The stock closed the day lower by 13 per cent or Rs 27 at Rs 180.5. Majors such as Infosys, Satyam Computers, Wipro and HCL Technologies closed the day in the negative. Stocks that bucked the trend were Pentasoft Technologies, SSI, HCL Infosystems and MphasiS BFL Software. The BSE PSU closed the day lower at 2353.1 points down by 43.4 points. Stocks that touched new 52-week highs were J&K Bank, Indian Overseas Bank, Andhra Bank, Vijaya Bank, Union Bank, SBI, Syndicate Bank. J&K Bank closed the day at Rs 292.4 up by 3.8 per cent (Rs 10.60) and Karur Vysya Bank closed the day higher by 4 per cent at Rs 296 (Rs 10.2). In the auto sector, Tata Motors, Punjab Tractors closed in the negative territory, whereas, Ashok Leyland (Rs 219) and Eicher Motors (Rs 153.85) closed with gains. Bajaj Auto and TVS Motor gained while the other two-wheeler major Hero Honda closed lower. TVS Motors gained 2.9 per cent to Rs 923.8. The stock touched a new 52-week high of Rs 944. About 13,526 shares were traded in the BSE. M&M and Maruti Udyog also slipped into the negative territory. Apart from Indian Hotels, hospitality stocks such as ITC Hotels, Asian Hotels, EIH, Bharat Hotels and Hotel Leela Venture closed the day with gains. PNB Gilts touched a 52-week high of Rs 36, before closing the day at Rs 32.6, higher by 7.3 per cent. About 3 lakh shares were traded in the BSE. Other notable gainers on BSE were Titan Industries, Dena Bank, Dredging Corporation. High volumes were evinced in Steel Authority, Jindal Vijayangar Steel, Zee Telefilms, Satyam computers, Tata Steel and Essar Steel. Gainers in the NSE are Omax Autos, Petron Engineering Construction, Bayer Cropscience and Coromandel Fertilisers. In the F&O segment, Nifty October Futures had high volumes. Open interest increased by 6 per cent. Out-of-the-money puts 1560-stirke and 1570-stirke was highly active.
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