Financial Daily from THE HINDU group of publications
Saturday, Jan 08, 2005
Financial Daily from THE HINDU group of publications Saturday, Jan 08, 2005 |
|
|
|
|
|
Markets
-
Commentary Columns - Sensor Mid-cap pharma, bank stocks rebound Aarati Krishnan
SIGNALLING a break from three consecutive sessions of tumbling values, the markets notched up gains on Friday's trading. Both the BSE Sensex and the Nifty closed the day with gains, but only after choppy trading saw both the indices swing sharply between the day's high and low points. The BSE Sensex, closed at 6420.4 points, with gains of 53 points over the previous close. The index swung 93 points between its high and low points. The S&P CNX Nifty closed at 2015.5 points, 17 points higher than the previous close. Cement and mid-cap pharma stocks were back in favour for the day, while metal stocks paused for breath after the rout of the past couple of days. Data on trades by foreign institutional investors for the previous day, showed that they made net sales, but not of a significant order. The net sales by FIIs in equities amounted to about Rs 32 crore, with gross purchases of Rs 759 crore and gross sales of Rs 791 crore. Index movers Unconfirmed reports of a "legal settlement" to the feud between the Ambani brothers, saw the two key Reliance group stocks move in opposite directions. The Reliance Industries stock put on Rs 14.9, to close at Rs 540.8 and was the major index mover for the day. The Reliance Energy stock, in contrast, shed Rs 17.2 before closing at Rs 528. Other stocks, which propped up the Sensex were Larsen & Toubro (up Rs.33), ITC (up Rs.21.7), ICICI Bank (up Rs.4.6) and State Bank of India (up Rs.10.6). The key losers in the Sensex basket, apart from Reliance Energy, were HDFC, which shed Rs 11.4 and Zee Telefilms, which was down Rs.5.9. Sectoral themes Banking and capital goods stocks rebounded more strongly than PSUs. Technology stocks continued to be moribund, with the BSE Teck index trailing behind the Sensex. The Bankex notched up a gain of 1.18 per cent during the day, beating the Sensex. Private sector banks were at the forefront of the day's trading, with IndusInd Bank, Karnataka Bank and Bank of Punjab registering sharp gains, in addition to ICICI Bank. Cement stocks too closed the day with gains, with ACC and L&T leading the pack. Second-rung stocks such as Dalmia Cements and Mysore Cements were also among the gainers. Mid-cap pharma stocks also continued their rally. Glenmark Pharma gained Rs 47.4 to close at Rs 528.3, while Orchid Chemicals put on Rs 25.3 to close at Rs 322.3. Stocks of cellular service providers registered a mixed reaction to the reduction of the Access Deficit Charge. The Bharti Tele-ventures stock closed flat for the day, at Rs 210.6. Tata Teleservices continued its uptrend by posting a gain of Rs 3.3 at close at Rs 34. MTNL extended its previous day's losses, losing Rs 1.8 to close at Rs 142.9. Stocks, which lost significant value during the day included MICO (which lost Rs 22.2 at Rs 1821.2), HCL Infosystems (which fell Rs 12.2 to Rs 811.7), HDFC (which lost Rs 11.3 to close at Rs 726.8) and United Breweries (down Rs 12.6). Active counters Small or mid-cap stocks, which registered significant trading volumes for the day, were * Petronet LNG, which shot up by Rs 6, on expectations that the project will scale up to full capacity over the next few months. 51 crore shares changed hands during the day. * Royal Airways shot up by Rs 8.5 to close at Rs 40, on reports of a new fund infusion into the company. 18 crore shares changed hands. * Essar Shipping gained Rs 7 to close at Rs 37, on trading volumes of 15 crore shares. * Shyam Telecom attracted buying interest, rising by Rs 16.7 to close at Rs 95. Trading volumes were at 16 crore shares.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|