The Hindu Business Line : 2002 opens on bright note, ends weak

SHEDDING the positive uptrend recorded over the last two trading sessions, the BSE Sensex opened for the year 2002 on a weak note. The BSE Sensex closed the day at 3246.15 points, down by 16.18 points (or 0.50 per cent). The market sentiment appears to have been affected by the escalating tensions at the border, raising the apprehension of an Indo-Pak conflict once again.

For the markets, which have already been jittery, this development appears to have made investors press the panic button. Interestingly, the cement and technology stocks, which led the rally in the early part of the trading session on Tuesday were the ones to shed value at the close of the trading hours.

Click here for table

The Sensex opened the day at 3262.01points, touched a high of 3299.98 and a low of 3236.76, before closing at 3246.15 points. The gross turnover at the BSE jumped from Rs.1,507.88 crore on Monday's trading to Rs. 1,587.14 crore during the day.

The advances to declines ratio stood at 0.90, with 519 stocks appreciating in value while 576 stocks logged declines.

The broad-based and composite BL - 250 Index dipped by three points (or 0.3 per cent) to close the day at 965.30. Among the sectoral indices, the biggest gainers for the day were GDR/ADR Index and Agri Business Index, which appreciated by 0.3 per cent. Otherwise all the other indices ended in the negative territory.

The biggest loser during the day was the Technology index, which dipped by 1.1 per cent. Among sectoral indices, the major gainers were chemical - inorganic and speciality which appreciated by 2.3 per cent and engineering - engines and power plant which was up by 1.7 per cent during the day. The biggest losers during the day were paints and varnishes, which declined by 2.7 per cent and steel - flat products - 2 per cent.

Among the significant gainers during the day's trading were CG Igarshi Motors, Cummins India, Novartis, Ranbaxy Laboratories, VSNL, ICICI Bank, BPCL, Hero Honda and HCL Technologies.

The CG Igarshi Motors was the biggest gainer during the day, with the stock appreciating by Rs. 2.15 to close at Rs. 38.80. The trading volumes in the counter surged from 300 shares on Monday's trading to 2750 shares during the day.

The Cummins India stock appreciated by Rs. 2.80 to settle for the day at Rs. 55.40. Compared to 2.10 lakh shares traded on Monday, the trading volumes in the stock declined to 76,444 shares during the day's trading.

The Hero Honda stock appreciated by Rs. 2.55 to settle for the day at Rs. 253.25. The trading volumes in the counter declined from 1.21 lakh shares on Monday's trading to 35,592 shares during the day's trading. This uptrend has to be seen in the light of a revision in the sales target by Hero Honda to 1.4 million units for the full year 2001-02. It is significant to note that it has achieved sales of 1 million units in the first nine months of 2001-02, equivalent to the sales recorded for the full year 2000-01.

The Ranbaxy Laboratories perked up by Rs. 17 to rest for the day at Rs. 707.35. However, the trading volumes in the stock dipped from 1.68 lakh shares on Monday's trading to 84905 shares during the day's trading.

The VSNL stock appreciated by Rs. 4.40 to close at Rs. 210.65 with ModiCorp entering the disinvestment fray for a 25-per cent equity stake to be offered by the Government to a strategic partner. However, the trading volumes dipped marginally from 2.81 lakh shares on Monday's trading to 2.37 lakh shares during the day's trading.

Among the significant losers during the day were a mix of software and media stocks such as Mascon Global, Maars Software, Synergy Log In, Orient Information Technology, Creative Eye and Aztec Software.

Similarly, profit booking led to a decline in the stock price of frontline cement stocks such as ACC and L&T during the course of the day.

After rising steeply on Monday, the Mascon Global stock shed Rs. 8.25 to close for the day at Rs. 57.25. It appears that sanity has descended on the stock after it became clear that the proposed issue of 25 lakh equity shares was to be made at a price of Rs. 50 per share (including premium). The trading volumes in the counter rose from 6.01 lakh shares on Monday's trading to 6.62 lakh shares during the day's trading.

Send this article to Friends by E-Mail

Stories in this Section
US-64 redemption at Rs 12 cr on day one

`Dud investments' dog US-64 revamp

Bears make a comeback

NSE's new VaR system

Immediate outlook positive for Sterlite

2002 opens on bright note, ends weak

Wockhardt eyes US biotech market

All quiet on the IPO front