Financial Daily from THE HINDU group of publications
Thursday, Jun 06, 2002
Columns - Sensor
Heavyweights lift Sensex; select PSUs decline
THE markets were enthused by the steady progress made in diplomatic efforts to resolve the Indo-Pak border conflict. The 30-share Sensitive Index marched up by 63.92 points (or 2 per cent) to close Wednesday at 3255.52 points.
Aided by a decent rise in the index stocks such as Hindustan Lever, ITC and Infosys Technologies, the Sensex posted the second successive day of gains.
The Sensex opened for the day at 3200.71 points which was also the low for the day, touched a high of 3269.24 points, before closing for the day at 3255.52 points. The gross turnover at the BSE surged from Rs 1,060.75 crore on Tuesday's trading to Rs 1,409.55 crore during the day. The advances to declines ratio stood at 3.10, with 1216 stocks appreciating in value while 391 stocks logged declines. Out of 1,706 stocks traded, 96 stocks remained unchanged during the day.
Among the major gainers were ETC Networks, Arvind Mills, Rolta India, DCW, Bank of Rajasthan, Wimco, Bharat Electronics, Tata Engineering and Sonata Software.
Riding on the back of buoyant trading volumes, the Arvind Mills stock was one of significant gainers during the day's trading. The stock appreciated by Rs 2.35 to close for the day at Rs 18.55. The trading volumes surged from 1.26 lakh shares on Tuesday's trading to 10.94 lakh shares.
The Rolta India stock was another major gainer, with the stock appreciating by Rs 19.3 to close for the day at Rs 158.40. Trading volumes in the counter also soared from 17.22 lakh shares on Tuesday's trading to 44.25 lakh shares during the day.
Bank of Rajasthan witnessed a second successive day of rise, with the stock price appreciating by Rs 1.80 to close for the day at Rs 15.90. Trading volumes continued to remain strong, jumping from 1.35 lakh shares on Tuesday's trading to 2.42 lakh shares during the day.
The State-run Bharat Electronics stock appreciated by Rs. 14.75 to Rs. 207 on expectation of defence orders from the Government. Bolstered by these hopes, the trading volumes in the stock strengthened from 6.06 lakh shares on Tuesday's trading to 17.66 lakh shares during the day's trading.
In the run-up to the earnings announcement for the year, the Tata Engineering stock gained Rs 9.15 to close for the day at Rs 134.85. In line with these expectations, the trading volumes in the stock surged from 7.98 lakh shares on Tuesday's trading to 30.03 lakh shares during the day's trading.
Among the prominent losers during the day were Bongaigaon Refineries, ITI, Shipping Corporation, Videsh Sanchar Nigam (VSNL), Ashok Leyland and Bharat Earth Movers.
A day after the announcement of the opening of bids for Shipping Corporation in July, the stock shed value, declining by Rs. 8.75 to settle at Rs. 101.10. Trading volumes however, declined sharply from 62.04 lakh shares on Tuesday's trading to 34.68 lakh shares during the day.
Clouded by the controversy of investments by VSNL in Tata Teleservices, the VSNL stock continued to shed value. The stock dipped by Rs. 9.15 to close for the day at Rs. 173.35. The trading volumes jumped from 63,083 shares on Tuesday's trading to 1.55 lakh shares during the day.
Ashok Leyland dipped by Rs. 1.60 to settle for the day at Rs. 41.35. Trading volumes in the stock marched up from 12,600 shares on Tuesday's trading to 49,887 shares during the day's trading.
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