Financial Daily from THE HINDU group of publications
Tuesday, Nov 15, 2005
Financial Daily from THE HINDU group of publications Tuesday, Nov 15, 2005 |
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Markets
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Commentary Columns - Sensor Smart show by banking sector stocks Radhika Kamath
HIGH volatility and profit-booking by investors contracted the gains recorded in the last week as markets ended on a flat note. While the benchmark Sensex closed 23 points higher, the broader Nifty added 10 points at close. Markets, on Monday opened on a positive note amidst widespread buying among the large cap stocks. The Sensex opened 31.6 points higher than its previous close. This was, however, followed by a session marked by high volatility. Profit-booking by nervous investors dragged the Sensex to an intra-day low of 8416.9. The Nifty after reaching a high of 2576.9 slipped to an intra-day low of 2534.4. However, short-covering and last-hour buying in the old economy stocks helped the markets recover from their lows. The Sensex closed the day at 8494.3, while the Nifty settled down at 2558.7. The overall undertone in the markets remained positive. As many as 607 stocks advanced, while 566 shed value. Banking sector stocks attracted widespread market interest and rallied sharply. The BSE BANKEX outperformed the other sectoral indices with a gain of 2.5 per cent, while its counterpart on the NSE - the Bank Nifty - was up 2.3 per cent. Among the frontline stocks on the BSE, those that recorded smart gains included Ranbaxy, HDFC Bank, TCS, ICICI Bank, ONGC, Bharti Tele, Grasim, Bajaj Auto, Reliance and Cipla. Information technology stocks proved to be a damper on the market sentiment. Stocks of Wipro, Satyam, Infosys and i-flex came in for sharp selling pressure. 3i Infotech, HCL Infosystems, MpasiS BFL, Hexaware and Cranes Software also lost steam. Buoyed by its recent spate of acquisitions and deal-making, TCS outperformed its counterparts. It added Rs 25 to its stock at its close of Rs 1509.5. It was not a great day for the stocks in the FMCG sector as investors exuded bearish sentiment. Britannia, Gillette, Crew BOS, Satnam Overseas, HLL, ITC, Tata Tea and McDowell ended on a weak note. Buying activity in the mid-cap and small-cap spaces remained subdued. Counters of Mercator Lines, GTL, Ramco Systems, Deepak Fertilizers, Havell India, Usha Martin, Munjal Showa and Dishman Pharma attracted bulls while United Phosporous, Alfa Laval, Praj Industries, JK Cement and Shopper's Stop came in for bearish onslaught. There was a mixed bag of response among the metals stocks. Significant gainers included Essar Steel, Jindal Steel, Jindal Saw, Tata Sponge, Hindustan Zinc, Tata Metaliks and Vesuvius India. Those that lost sheen included Tata Steel, Nalco, SAIL and Mahindra Ugine among others. On a day marked by a high degree of volatility, construction stocks had a fine outing. Barring a few exceptions such as L&T and Gammon India, most of them closed on strong note. Nagarjuna Construction was a significant gainer whose stock flared by 7.6 per cent. Hindustan Constructions and Era Construction closed with marginal gains. It was, however, banking sector stocks that were in limelight and put up a smart show. HDFC Bank, ICICI Bank, Oriental Bank, UTI Bank, Punjab National Bank, Bank of India and Allahabad Bank netted off handsome gains. Following the announcement of its plan to form a joint venture with TCS, the stock of SBI jumped 1.2 per cent. Bannari Amman Spinning Mills and KM Sugars made their trading debut. Bannari Amman got listed at Rs 155 as against the offer price of Rs 135.KM Sugar Mills, closed the day at Rs 52.2, marginally above its offer price of Rs 52. Prominent gainers on the Nifty included Aegis Logistics, Ajanta Pharma, Balaji Telefilms, Container Corp, Gokaldas Exports, Hotel Leela, India Cements and Thermax. Arvind Mills, Asian Paints, Macmillan, Rama Newsprint, Suzlon Energy, Titan, Uniply and Gujarat NRE Coke among others featured in the losers' pack.
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