Financial Daily from THE HINDU group of publications
Thursday, Oct 16, 2003
Financial Daily from THE HINDU group of publications Thursday, Oct 16, 2003 |
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Markets
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Stock Markets Columns - Ear to the ground Reliance rises ahead of results Virendra Verma
THE counter of index heavyweight Reliance Industries saw active buying in the last couple of hours of trading on Wednesday. The purchase was mainly from select informed buyers. Active buying in the counter was ahead of the company's second quarter results to be announced on Thursday. Dealers said Reliance Industries is expected to report sharp growth in net profits of around 35 per cent in the second quarter compared to the corresponding period last year. In September 2002 quarter, the company has reported net profit of Rs 1,002 crore. On expectations of good results, several FIIs bought the shares of the company. The stock gained 2.82 per cent at Rs 480 on the BSE with volume of 36.06 lakh shares and on the NSE it closed at Rs 478.65, up 2.22 per cent with volume of 63.96 lakh shares.
Janus picks Tata Steel, Tata Motors TWO Tata group companies — Tata Steel and Tata Motors stocks saw heavy buying on Wednesday. The active buying in these counters saw the stock price of these companies rise sharply. The stock of Tata Steel gained 5.32 per cent at Rs 343.50 on the BSE with volume of 87.74 lakh shares and on the NSE it closed at Rs 343.10, up 4.99 per cent. The Tata Motors stock gained 3.58 per cent at Rs 380.30 on the BSE with volume of 29.23 lakh shares and on the NSE it gained 3.05 per cent at Rs 379.50 with volume of 82.09 lakh shares. The rise in the stock prices of these two companies was due to buying from US-based Janus Fund. This FII is understood to have bought around 30 lakh shares each of these two companies on Wednesday. The buying in these two Tata group flagship companies is mainly due to good performance by them in the first two quarters of this year.
Vanguard buy lifts Sensex THE sudden and sharp rise in the BSE Sensex in the last few hours of the trading surprised most of the market players. Dealers said the rise in the BSE Sensex was due to active buying by FII, Vanguard Fund that bought the entire Sensex through basket trading. Dealers said another factor for the rise in the Sensex was due to some players going short on the index and when the Vanguard Fund started buying the index, all these players started covering their short position. —
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