Financial Daily from THE HINDU group of publications
Tuesday, May 18, 2004
Markets - Stock Markets
Red splash across BSE-100
THE roller-coaster ride in the markets on Monday saw red splashed all over when trading was halted at about 11:20 a.m.
All stocks that were part of BSE 100 were in negative territory. Twelve stocks had shed Rs 100 or more; 19 stocks had lost 20 per cent or more.
A sharp fall was seen in BPCL (36 per cent), Andhra Bank (31 per cent), HPCL (31 per cent), Reliance Energy (31 per cent) and Hero Honda Motors (28 per cent).
When trading resumed two hours later, over 80 per cent of the stocks recovered from their early losses. State-owned BPCL, which was down 36 per cent to Rs 230 at the end of the second halt, recovered as much as Rs 108 and closed at Rs 338.9.
Eleven other constituents of BSE 100 rebounded by Rs 50 or more. In terms of gain in percentage terms, stocks such as HPCL, Andhra Bank, Hero Honda Motors and Ashok Leyland did well.
On an average, the BSE 100 stocks that gained recovered 7.1 per cent from their early losses.
While the markets recovered after trading resumed at 1:15 p.m. and prices were on the rise, there was surprise in store for quite a few stocks.
About 15 constituents of the BSE 100 registered further decline in value.
Prominent among those were Wipro, Ingersoll Rand, IPCL, Essel Propack and Crompton Greaves.
The stock of Wipro shed Rs 100 in the final session of the day's trade. On an average, these stocks declined 2.6 per cent post the resumption of trading.
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