Financial Daily from THE HINDU group of publications
Saturday, Nov 22, 2003
Columns - Sensor
Bulls make a comeback at eleventh hour
IT was a roller coaster ride for the BSE Sensex during Fri day's trading. There was an intra-day swing in the BSE Sensex of 115 points, with a high of 4851.67 points and a low of 4736.70 points. Strong buying interest in the last hour of trading across old economy and new economy stocks buoyed the Sensex by 67.31 points (or 1.41 per cent) to close for the day at 4838.54 points. It also ended the three-day losing streak for the Sensex.
In the 30-share Sensex, 21 constituents appreciated while only 6 stocks declined in value and 3 stocks remained unchanged during the day. The top five stocks with the highest weightage in the Sensex namely Reliance Industries, Infosys Technologies, Hindustan Lever, ITC and ICICI Bank ended in the positive territory. Among the significant losers were pharma stocks such as Ranbaxy Labs, Dr. Reddy's Labs and Cipla.
Among the prominent gainers of the day were Blow Plast, Electrolux Kelvinator, Gujarat Industrial Power, Moschip Semiconductor, Bhushan Steel and Hughes Software. Riding on the back of robust trading volumes, the Blow Plast stock appreciated by Rs 3.45 (or 14.9 per cent) to settle at Rs 26.5. The trading volumes in the stock surged from 38,636 shares on Thursday's trading to 2.92 lakh shares during the day.
The Electrolux Kelvinator stock appreciated by Rs 1.02 to close for the day at Rs 9.41. Compared with 43,755 shares on Thursday's trading, the trading volumes jumped to 1.91 lakh shares during the day. The improvement in the stock price has to be seen in the light of the decision taken by the Board of the company earlier this week to come out with an updated letter of offer for its rights offer for Rs 199.7 crore.
The Moschip Semiconductor Technology stock gained Rs 4.95 to rest for the day at Rs 55.8. The trading volumes in the stock soared from 4.29 lakh shares on Thursday's trading to 5.95 lakh shares during the day.
Buoyed by strong trading volumes, the Hughes Software stock rose by Rs. 36.35 to close for the day at Rs. 463.65. There was a four-fold rise in trading volumes from 21,841 shares on Thursday's trading to 96,959 shares during the day. Early this week, Hughes Software completed all the regulatory and statutory formalities and made the Bangalore-based Tenet Technologies becoming a subsidiary of the company.
The Bata India stock rose by Rs 4.15 (or 7.96 per cent) to close for the day at Rs 56.25. The trading volumes in the stock almost doubled from 4.24 lakh shares on Thursday's trading to 7.49 lakh shares during the day.
There was a firm uptrend in the prices of new economy counters during the day. The prominent gainers were Digital GlobalSoft and HCL Technologies. While Digital GlobalSoft gained Rs 30.3 to close at Rs 605.1, the HCL Technologies stock also remained in the firm terrain, appreciating by Rs 11.8 to rest at Rs 253.7.
Some of the other gainers were Sterlite Industries, Hindustan Inks, Bharat Earth Movers and Shipping Corporation of India.
Among the significant losers were Alstom, Alok Industries, Aplab, IndusInd Bank, Vijaya Bank, Nahar Exports and TVS SriChakra.
The Alstom stock shed Rs. 3 (or 5.3 per cent) to close for the day at Rs 52.95. However, the trading volumes in the stock declined marginally from 38,746 shares on Thursday's trading to 32,740 shares during the day.
The Alok Industries stock dipped by Rs 2.35 to rest for the day at Rs 48.80. Compared to 9.42 lakh shares traded on Thursday, the quantity of shares traded during the day declined to 5.69 lakh shares.
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