Financial Daily from THE HINDU group of publications
Thursday, Jun 16, 2005
Columns - Sensor
Buying interest props Sensex past 6900 level
BULLISH sentiment continued to prevail in the markets with the Sensex closing above 6900 points during the day's trading. The Sensex settled for the day at 6906.98 points, 46.80 points (or 0.68 per cent) higher.
In the 30-share Sensex, 23 stocks gained in value, with stocks such as Bharti Tele-Ventures, ONGC, Wipro and Infosys leading the gains. The strong undercurrent was boosted by firm trends in the global markets and buying interest across different sectors ranging from sugar, steel, power and cement sectors.
Among the BSE Sectoral Indices, IT and Metals outperformed the Sensex and the oil and gas sector staged a late recovery, with a 0.65 per cent gain, over discussions within the Government on the possibility of an oil price hike.
The S&P CNX Nifty closed on a firm note, gaining 16.3 points at 2128.65 points. While the S&P Midcap 200 also closed with gains, the Nifty Junior ended the day in the negative territory.
Among the Nifty Junior, the significant losers were GE Shipping, Nirma, Bank of India, Aventis Pharma, Cummins India and IOB. The prominent gainers, however, were i-Flex Solutions, Lupin, Raymond, Patni Computers, Chennai Petroleum and IBP.
Some of the key sectors that hogged the limelight were sugar, steel and cement. Among sugar stocks, the significant gainers were Dwarikesh Sugars, Oudh Sugar Mills and Dhampur Sugar. Relatively, Balrampur Chini posted modest gains. The steel and metal stocks also witnessed hectic trading activity, with Essar Steel leading the pack. Stocks such as Hindalco, Jindal Stainless, Jindal Vijayanagar Steel, Ispat Industries and Tata Steel recorded smart gains. Similar trend was seen in cement stocks such as Grasim Industries.
It was also a dull day for engineering stocks, with stocks such as ABB, Alfa Laval, Alstom Projects, BEML and Siemens slipping in value. The stocks that bucked the trend with decent gains were Crompton Greaves, Praj Industries and Thermax.
The momentum stocks that continued their upswing were Aftek Infosys, Tele Data Informatics, Swaraj Mazda and Eimco Elecon. The stocks of this genre that lost steam were Cybermedia India, Shreyas Shipping and Gillette India.
Outside this category, the prominent gainers during the day were Amzel Auto, Bilcare and JL Morison.
The ones that lost value were Tata Investment Corp, Parry Agro, Simplex Concrete Piles and Texmaco.
Company specific action:
The DCW stock gained 7.43 per cent (or Rs 3.25) to close at Rs 46.95. The trading volumes in the stock shot up from 71,058 shares on Tuesday to 5.57 lakh shares during the day. The movement has to be seen in the light of the decision by the Board to consider splitting the company's equity from Rs 10 to Rs 2 per share.
The i-Flex solutions stock was another prominent gainer, with the stock gaining Rs 29.05 to close for the day at Rs 741.15. The trading volumes rose from 8,197 shares on Tuesday to 95,542 shares. The company has recently been selected by the largest co-operative credit system, Sicredi in Brazil to switch to its flagship product, Flexcube.
The Swaraj Engines stock also gained 9.98 per cent to settle at Rs 509.25. The company is planning to consider a bonus offer at its meeting on June 17.
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