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Tata Chemicals rises on buy-back news

Anup Menon

THE stock markets continued to be in doldrums during the course of Friday's trading. There was some sporadic buying interest in a few technology stocks. However, the refusal of bail to the former UTI chairman seems to have created an uneasy thaw between the bulls and bears with either party waiting for the other to break out of the shackles.

During the course of the day, the Bombay Stock Exchange sensitive index (BSE-Sensex) closed the day at 3,251.53 points, down by around 7.50 points or 0.23 per cent over its previous close.

The advance-decline statistics were marginally tilted in favour of the bulls. Around 603 stocks advanced in value as against 497 which registered declines. Stocks touching new lows continued to outnumber those that hit new highs. Around 182 stocks touche d new lows as against 11 stocks which hit new highs. Total volumes stood at around 5.15 crore.

The trading pattern at the National Stock Exchange was in line with that of BSE. The benchmark S&P CNX Nifty closed the week at 1051.70 points down by around 1.7 points or 0.16 per cent over its previous close. The advance-decline statistics indicate tha t sentiment was marginally in favour of the bulls. Around 369 stocks advanced in value as against 294 stocks which registered declines. While 79 stocks touched new lows only three stocks managed to hit new highs. Total volume stood at around 6.76 crore.

In line with the movement in the broad market indices, the BL-250 composite index ended the day with virtually no change at all. It closed at 951.8 points down by around 0.2 points over its previous close. Among the sectoral indices, the biggest loser du ring the day was the Capital Goods index which ended down 6.6 per cent over its previous close. It was followed by the MNC index and the Bellwether index down by around 1 per cent and 0.8 per cent respectively.

The gainers were led by the Agri Business index which gained close to 2.1 per cent followed by the Banks and FIs index which gained around 1.3 per cent. The Technology index closed flat down by around 0.2 per cent.

Major gainers during the day included stocks from the technology sector such as DSQ Software, SSI and Satyam Computers. Gainers from other sectors included stocks such as Mirc Electronics, Sterlite, Tata Chemicals, Tata Telecom and Balaji Telefilms.

Technology stocks witnessed some buying interest during the course of the day. Major gainers from the sector included the stocks of DSQ Software and SSI. The DSQ Software stock ended the day up by around 20 per cent at Rs 34.80 as compared to its previou s close.

However, volumes dropped sharply from around 22 lakh shares to around 9 lakh shares. The SSI stock ended the day up by around 18 per cent at Rs 186.75. Volumes in the counter increased from around 18 lakh shares to around 21 lakh shares.

The stock of Tata Chemicals attracted some buying interest on news that the board of directors of the company is to meet in the second week of August to consider a buy-back proposal. It closed the day at Rs 38.20, up by around 7.15 per cent over its prev ious close. Volumes in the counter surged from around 20,000 shares to around 1.38 lakh shares.

The major losers included public sector major BHEL, pharmaceutical majors _ Novartis India, Pfizer, _ Gujarat Ambuja Cements, Hindalco, Digital Equipment, VSNL and ITC.

The stock of BHEL ended the day down by around 11.25 per cent at Rs 151.10 over its previous close. Volumes jumped from around 56,000 shares traded on Thursday to around 5.48 lakh shares. The company has reported a loss for the quarter ended June 30, 200 1.

Select scrips from the pharmaceutical industry witnessed selling. A major loser was the stock of Glaxo India which closed at Rs 253.35, down by around 4.43 per cent over its previous close. Volumes more than trebled to around 58,000 shares.