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Several performers bite the dust

Sowmya Krishnan

THE stock markets continued their downward journey on Thursday due to the selling pressure exerted by foreign funds and uncertainty due to the US attack.

At the Bombay Stock Exchange, the benchmark BSE Sensex, dropped 1.49 per cent to cross the 3000 level and finally settled at 2987.50 points. Advancing shares trailed the declining shares at 434 to 557. Trading volumes dropped to 4.32 crore shares as aga inst 4.6 crore on Wednesday.

At the BSE, 98 stocks touched 52-week lows. Few of the more prominent stocks that slumped to 52-week lows were State Bank of India, Engineers India, Aptech, Mukta Arts, Sterlite Opticals, Emphasis BFL, Tata Telecom, Mahindra & Mahindra, MICO, Tata Tea, IPCL, Emerck, NIIT and Bharat Movers.The broad-based 50-issue S&P CNX Nifty also settled lower by 1.07 per cent at 971.70 points. Losers outnumbered gainers at 336 to 320. Trading volumes stood at 6.86 crore.

It was a dull day for cement shares. Software stocks exhibited a mixed trend with top IT companies losing value and second-rung companies gaining in value. However, refinery stocks, which took a heavy beating for the past two days, recovered on Thursday .

Tata Engineering rose 1.4 per cent to Rs 70.95. The rise in share price was triggered by the news that sales of its medium and heavy commercial vehicles in August rose 26.3 per cent from a year ago. Trading volumes were higher at 1.7 lakh shares.

Automobile stocks exhibited a good show despite the down turn in the markets. Hero Honda appreciated by 2.32 per cent to Rs 180.80 (Rs 176.70). Trading volumes surged from around 18,000 shares to 1.5 lakh shares. TVS-Suzuki was also up by 1.34 shares t o Rs 79.35 (Rs 78.30).

Mahindra & Mahindra lost value and settled 6.09 per cent lower at Rs 60.10 (Rs 64). Around 1.5 lakh shares were exchanged during the day.

Among the software stocks, Polaris Software, DSQ Software, Mascot and Global Telesystems moved up whereas Infosys Technologies, NIIT and Digital Globalsoft slumped.

Mascot Systems jumped 2.5 per cent to Rs 89.85 after the company said late on Wednesday that it won new orders worth more than $40 million. Trading volumes surged from 59,000 shares to 89,000 shares.

Digital Globalsoft settled at Rs 313.50, down by 9.08 per cent from the previous day's close. Trading volumes were high at 36 lakh shares. NIIT was down by 1.89 per cent. It closed at Rs 137.35 as against Rs 140 the day before. Trading volumes almost dou bled.

Major cement shares slipped on Thursday except Madras Cements, which rose marginally by 0.14 per cent and settled down at Rs 4401. L&T slipped 5.51 per cent to Rs 181 (Rs 191.55). Trading volumes also slipped from 11 lakh shares to 7 lakh. ACC depreciat ed in value by 3.55 per cent to Rs 118.15 ( Rs 122.50). Around 5.45 lakh shares were traded during the course of the day.

Media stocks also lost ground. Companies such as Mukta Arts and Padmalaya Telefilms and Tips Industries were among the few that fell with the broad markets. Padmalaya was a major loser. Its share price slumped 7.87 per cent and settled at Rs 67.30 (Rs 73.05).

Refiners rose in morning trade as global crude prices eased. Hindustan Petroleum Corporation rose 2.1 per cent to Rs104.45, Indian Oil Corporation edged up 0.35 per cent to Rs 129.

Reliance Petroleum, India's largest private refiner, initially rose 3.4 per cent but closed down 1.2 per cent at Rs 31.85, while Bharat Petroleum closed down 5.1 per cent at Rs 134.50, after rising 4.4 per cent.

Pharma stocks known as defensive stocks also succumbed to selling pressure and stocks such as Ranbaxy and German Remedies fell sharply. Ranbaxy fell 3.36 per cent to Rs 633.50 and German Remedies witnessed a steep fall of 6.42 per cent to close at Rs 30 4.65.