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Markets propped up by GDP data

Krishnan Thiagarajan

THE BSE Sensex rallied for the second consecutive day on Thursday, with the bellwether closing at 5583.61 points, 56.05 points (or 1.01 per cent) higher than Wednesday's close.

The announcement that India's GDP (Gross Domestic Product) by 7.4 per cent bolstered by strong performance from the manufacturing and service sector appears to have propped up the markets towards close. The strong economic performance along with a marginal dip in crude oil prices appears to have helped drive the positive market sentiment.

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Among the BSE sectoral indices, the indices, which outperformed the Sensex were BSE - IT, BSE Auto, BSE - Healthcare and BSE - Metals. The indices that lagged the Sensex were BSE - Bankex, BSE - Capital Goods and BSE - Consumer Durables.

The S & P CNX Nifty also closed on a positive note at 1745.50, up 17.55 points (or 1.02 per cent). In the Nifty, the prominent gainers were Mahanagar Telephone Nigam, Bharti Tele-Ventures, Cipla, National Aluminium, Bajaj Auto and Infosys Technologies. The losers were Mahindra & Mahindra, IPCL, State Bank of India, ICICI Bank and Reliance Energy.

Relatively, the Nifty-Junior gained only 0.31 per cent to close at 3504.25 points. The key gainers were Canara Bank, Aurobindo Pharma, Wockhardt Pharma, Union Bank, Bharat Forge and UTI Bank. The losers were Vysya Bank, Bank of Baroda, TVS Motors, Siemens and Ingersoll Rand.

Among the significant gainers during the day were stocks such as Unichem Laboratories, Opto Circuits, Camlin, Godrej Industries, Southern Iron and Steel and Indian Seamless. The Unichem Laboratories, Opto Circuits and Camlin were among the stocks which hit the upper circuit during the day's trading.

Unichem Laboratories appreciated by Rs 32.6 (or 20 per cent) to close for the day at Rs 195.6. The trading volumes in the stock also soared from 91,555 shares on Wednesday's trading to 6.82 lakh shares during the day.

Opto Circuits was the other major gainer, with the stock marching up by Rs 16.90 (or 20 per cent) to close at Rs 101.40. Compared to 2.56 lakh shares traded on Wednesday, the trading volumes in the stock dipped marginally to 2.24 lakh shares during the day. The uptrend in the stock has to be seen in the light of the recent announcement that Opto Circuits, US based subsidiary, Mediaid Inc, has received approval from the US FDA to market its Mediaid Sp02 Sensor for blood and pulse rate monitoring in the US markets. The stock has been moving up from Tuesday when it closed at Rs 78, the day on which this announcement was made.

Camlin also gained 20 per cent to close the day at Rs 101.40. There was a robust rise in trading volumes from 88,512 shares on Wednesday's trading to 1.13 lakh shares during the day.

Indian Seamless also rose by Rs 2.82 (or 14.2 per cent) at Rs 22.64. The trading volumes also perked up from 2.17 lakh shares on Wednesday to 3.40 lakh shares during the day.

Among the prominent losers were Videocon Appliances, Garden Silks, Amforge Industries, Teledata Informatics, Moschip Semiconductors and ICI India.

Teledata Informatics dipped by Rs 2.35 to close at Rs 49.75. The trading volumes also rose from 2.61 lakh shares on Wednesday's trading to 3.23 lakh shares during the day. The stock that has soared in the recent past on its overseas acquisition spree ended the day on a weak note.

ICI India, which soared with other paint stocks on Wednesday, dipped marginally during the day. The stock lost Rs 5.05 to end at Rs 194.70. The volumes, however, dropped from 1.04 lakh on Wednesday to 39,240 shares during the day.

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