Financial Daily
from THE HINDU group of publications

Wednesday, August 01, 2001



Markets | Next | Prev

RIL, Infosys, ITC boost Sensex

Sowmya Krishnan

THE markets ended on a positive note on Tuesday boosted by considerable uptrend in certain index heavy weights. The benchmark Bombay Stock Exchange Sensitive index (BSE Sensex) closed 1.32 per cent up at 3329.28 points compared to Monday's close of 3285. 89 points.

The advance-decline ratio was reflecting the narrow focus of the rally. Gainers were just a notch higher at 489 to losers at 488. Only 13 stocks touched new highs whereas 113 touched new lows among 1076 stocks that were traded on the Bombay Stock Exchang e. Traded volume rose slightly to 4.46 crore shares from Monday's 4.3 crore.

On the National Stock Exchange, the SNP CNX Nifty also closed on a positive note at 1072.85 points, 1.07 per cent higher than the previous close at 1061.45 points. Gainers outnumbered losers 342 to 311 shares. Out of the 713 shares traded, only four witn essed new heights where as 55 plunged to new lows. The traded volumes stood at 6.78 crore shares.

The BL 250 composite index closed 1.2 per cent down at 974.9 points (963.3 points). Among the industry indices, the steel and auto mobile industry showed good appreciation at 2.7 per cent and 5.8 per cent respectively, whereas the plantations and enginee ring industry did not fare well for the day. The index was down by 2.7 per cent and 3.9 per cent respectively.

As many companies came out with their results for the April-June quarter, The movement in their share prices were affected by the results. The upward movement in the index was triggered by a rally in the Reliance Industries stock. The company announced i ts result for the April-June quarter. The net profit recorded a year-on-year rise of 13.8 per cent, beating market expectations. The stock gained 2.17 per cent to Rs 319.75 after hitting a low of Rs 303.70 ahead of the results.

The index was also helped by Infosys Technologies and ITC. Infosys gained 2.86 per cent to Rs 3,761.30 and ITC climbed 2.57 per cent to Rs 793.10. The two account for 18 per cent of the index.

Aptech plunged around 9.50 per cent after it announced a 94 per cent dip in its net profits. The stock closed at Rs 50.50 (Rs 55.80). However, there was an increase in traded volumes which was 1.9 lakh shares. Tata Honeywell plunged 19.97 per cent to tra de at Rs 96 compared to the previous day's price of Rs 119.95.

Gujarat Ambuja Cements gained 3.3 per cent during the day and closed at Rs 180.90 (Rs 175.10). It had reported a 48 per cent increase in its net profits.

Zee Telefilms was one of the major gainers as the stock appreciated by 22 per cent. Traded volumes also tripled. Hitech Drilling, another stock in the limelight after it announced its swap ratio for its merger with Aban Lloyd, also appreciated by 15 per cent. The stock ended at Rs 44. Accompanying trading volumes almost tripled at 2950 shares.

Stocks such Godfrey Philips, TVS Suzuki, American Remedies, Aban Llyod, Creative Eye, BASF India, Dr Reddys and Padmalaya Telefilms were in favour during the day.

United Breweries, which announced a 65 per cent fall in its net profit, closed at Rs 88.30, around 4 per cent lower. Volumes surged from mere 600 shares the day before to 4553 shares.

Sterlite Optical lost around 8 per cent of its value during the day. However, after trading hours, the company announced that its net profit had tripled. It is also considering a buyback of its shares.

The other major losers were BHEL (6.65 per cent), Tata Telecom (6.05 per cent), Aksh Optifibre (6.95 per cent).

Comment on this article to

Send this article to Friends by E-Mail

Next: Reliance sparks interest in Lyons Range
Prev: Equities display see-saw trend in Q1

Agri-Business | Corporate | Features | Letters | Macro Economy | Markets | News | Opinion | Variety | Info-Tech | Catalyst | Investment World | Money & Banking | Logistics |

Page One | Index | Home

Copyright © 2001 The Hindu Business Line.

Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line.