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Sowmya Sundar

OVER the week, the market has witnessed extreme swings in either direction in the range of 80-100 points.

On Friday, the Sensex opened on a positive note before diving to a low of 4,097.55 points, only to rebound towards the end of the day and close at 4,217.12. The stock gained a net of 82.97 points or 2 per cent during the day. The overall market under current reflected by the advance to decline ratio still indicated a negative trend as advancing shares constituted only 42 per cent of the total. The Nifty gained 1.52 per cent to close at 1,322.15.

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Auto components stocks were in limelight. Stocks such as Jay Bharat Maruthi, Carborundum Universal, TVS Motor, Autolec, MICO, Sundram Fasteners, Asahi India and Motherson Sumi attracted interest.

Auto stocks too were back in demand. M&M was the highest gainer (5.4 per cent) followed by Tata Motors and Ashok Leyland. Stocks of two-wheeler companies such as Hero Honda, Bajaj Auto and Maharashtra Scooters too were upbeat. Hero Honda was buoyant after the company announced tie up with SBI for two-wheeler financing. These stocks were beaten down in the last two days.

Paper stocks such as Seshasayee Paper and Tamil Nadu Newsprint were on an upward trend again after being range-bound for quite some time. The former closed at Rs 70 and the later at Rs 77, up 8 per cent.

Jubilant Organosys has been consistently gaining over the last couple of weeks. It has jumped 27 per cent over the week to touch its yearly high at Rs 412. MM Forgings, which perked up sharply the day before, reversed its trend.

GE Shipping attracted attention after the company announced that it is expanding its fleet. The stock gained 4.6 per cent to close at Rs 72.80.

Stocks such as Pan Packaging, KG Khosala, Mukand rose sharply. Traded volumes too rose substantially in these stocks. Ecoplast, which announced a dividend of Rs 2 per share perked up 10 per cent to Rs 17.95.

Thermax too have been consistently gaining despite the volatility in the broad markets. The stock has gained Rs 14 over the week. There was a sharp jump in the number of shares that exchanged hands from 22,000 to 3.4 lakh shares. The company is to consider allotment of 6 per cent redeemable preference shares as bonus shares.

The BSE Capital Goods Index has been fairly stable throughout the downtrend and has just lost 2 per cent from its 52-week high. Primary stocks in the Index such as BHEL, Siemens, Thermax, Alfa Laval, BEML, Ingersoll Rand, ABB and Alstom Projects have been fairly stable. The power equipment stocks remained stable due the strong order book position, while BEML has been moving up on expectation of a huge order from the railways.

On the other hand, BSEPSU Index suffered a sharp erosion of 14 per cent from its yearly high. The meltdown in PSU banking stocks, oil stocks and stocks lined up for divestment post the court order on HPCL divestment weakened the sentiment in the sector. The BSEPSU Index which suffered 12 per cent erosion over the week, showed a very moderate gain at 0.41 per cent.

Select stocks such as Century Enka, Today's Writing, Tata Investment Corporation, Tata Engineering, Vardhaman Polyester, Saw Pipes and Clariant witnessed huge rise in traded volumes.

Stocks such as Flex Foods and Shakthi Sugars that had been on an upmove, bucked the trend and dipped. Few other stocks to appear on the losers list are Crest Communications, Natco Pharma, Shaw Wallace, Tata Yokodawa, KRBL, Jindal Photo and Hindustan Oil Exploration.

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