Financial Daily from THE HINDU group of publications
Tuesday, Jul 12, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jul 12, 2005 |
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Markets
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Commentary Columns - Sensor Banking, auto stocks lead rally Alagappan Arunachalam
THE markets extended their gains with the bellwether indices recording sharp gains. The rally was broad-based with the advances-declines ratio at 2:1. Banking and auto stocks led the rally with the sector-oriented indices posting gains of 2.68 per cent and 2.05 per cent respectively. The BSE Sensex opened on a strong note; continuing last week's trend, it put on a smart gain of 94.66 points. The Sensex recorded yet another 52-week high at 7320.25 in intra-day trade. It later closed just above the 7300 mark. The S&P CNX Nifty reflecting a similar pattern gained 1.03 per cent to close at 2218.85 points. ICICI Bank led the upward rally in the banking sector with the stock posting a gain of 6.61 per cent. The optimism among the banking stocks had its effect on Canara Bank, Kotak Bank, UTI Bank and HDFC Bank — all of which gained more than two per cent. Centurion Bank posted a gain of 1.25 per cent after it declared an earnings growth of more than 200 per cent in the first quarter. Bajaj Auto led the rally in the two-wheeler sector with the stock closing with a gain of 4.42 per cent. Earlier in the day, it touched a high of Rs 1,400. Other gainers were Hero Honda, TVS Motor, and LML. Kinetic Motor was out of favour; it declined 0.17 per cent. Volumes more than doubled on the counters of Kanoria Chemicals, Gujarat Alkalies and Punjab Alkalies, which were up 5.86 per cent, 5.37 per cent and 4.89 per cent respectively. Intense activity was recorded on the Bihar Caustic Soda counter, as nearly 1.5-lakh shares were traded on the BSE; it put on a gain of 4.06 per cent. Chemfab Alkalis left the others far behind as the stock hit the circuit filter. Interestingly, the stock opened at the upper-end of the filter and continued to trade through out the day at Rs 239.1. Though the stock closed with a gain of 10 per cent, volumes were halved. Unabated buying interest has propelled Gujarat Flurochemicals and SRF to new 52-week highs. Gujarat Flurochemicals has for the second straight day hit the circuit filter. Accompanied by a more than two-fold jump in volumes, SRF skyrocketed to Rs 275.2, recording a gain of 15 per cent. Titan Industries, gaining 11.26 per cent, recorded another quantum jump. Of late, it has been making smart gains on plans to raise funds through an equity offering to expand its operations and cut down on its debt.
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