The Hindu Business Line : Sensex stays on correction mode

VOLATILITY continues to plague the broad market even as select stocks sizzle on impressive earnings numbers. The confusion on participatory notes has settled. The correction, however, is continuing despite net investments by foreign institutional investors.

For the second straight day on Thursday, the indices closed in the negative territory. Sensex lost 73 points to close at 5,803 points, and the Nifty slipped 19.5 points to 1,844 points.

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Select stocks such as Tata Motors, Maruti and SAIL gained. Stocks of Tata Motors, Berger Paints, Alok Industries and Pricol hit their year-highs on Thursday. Alok Industries has been moving up for the past few days.

Pricol and Elgi Tread are on an upmove fuelled by the news of a stock split. Trading volumes are usually thin in these stocks.

Select mid-cap stocks such as Greaves Morganite, EMCO, Wyeth, Merck, Jain Irrigation and Rajesh Exports witnessed buying interest supported by a substantial rise in traded volumes. Stock of power companies such as Surat Electricals and Tata Power too were upbeat.

Stocks of Arvind Mills and Vindhya Telelink dipped after both the companies declared unimpressive results. Arvind Mills recorded a sharp dip in profits and Vindhya Telelink reported losses.

Titan Industries gained 1.8 per cent despite dip in profitability as sales growth was impressive. Numeric Power Systems and SAIL were among the few that gained on impressive earnings numbers.

Stocks from the hotel industry were in the limelight. Indian Hotels and ITC Hotels moved northward accompanied by a jump in traded volumes.

The news of Reliance bidding for a 51 per cent stake in Rashtriya Chemicals fuelled interest in the stock. The stock jumped 2.38 per cent accompanied by a sharp spurt in volumes. Divi's Labs announced that it has cleared all loans from IDBI.

The stock rose 2 per cent. Few stocks that lost steam during the day were PNB, iGate Global, Gujarat State Fertiliser, Cipla, TV18 Videocon International, Aftek Infosys, Gujarat NRE Coke, Mercator Lines and Shipping Corporation.

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