Financial Daily from THE HINDU group of publications
Tuesday, Nov 11, 2003
Financial Daily from THE HINDU group of publications Tuesday, Nov 11, 2003 |
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Markets
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Commentary Columns - Sensor Party-time for mid-caps on a volatile day B. Krishna Kumar
IT was quite an eventful day at the stock market. At the BSE, the composition of the Sensex was changed with effect from Monday. At the NSE, trading was disrupted owing to some technical problem. Along with these factors, the market action on Monday was also marked by high degree of volatility. After ruling weak in the early part of the day's trading, the benchmark indices staged a sharp recovery to eventually close in the positive territory. The 30-stock BSE Sensex closed at 4998.57 after having dropped to an intra-day low of 4909.66 points. This represents an increase of 27 points over last Friday's close. The S&P CNX Nifty ended the day at 1594.5, up 2.45 points from previous day's close. The index had earlier touched a low of 1568.1. Trading at the National Stock Exchange (NSE) was disrupted owing to technical problem. According to the NSE Web site, trading resumed at 1 p.m. in the afternoon. At the BSE, the constituents of the Sensex were changed with effect from Monday. Tata Power, ONGC, HDFC Bank, Wipro and Bharti Televenture were included in the Sensex in the place of Castrol India, Colgate Palmolive, Nestle India, HCL Technologies and Glaxo SmithKline Pharmaceuticals. ONGC and Tata Power were the top gainers amongst the new entrants to the Sensex. The share price of Tata Power increased by Rs 16.25 to settle at Rs 262.95 while the ONGC stock rose Rs 17.60 to Rs 658.70. Hindustan Lever and Hindalco Industries were the other top gainers from the stocks that constitute the Sensex. HCL Technologies turned out to be a prominent loser among the stocks that were pulled out of the Sensex. The share price of the company declined by Rs 4.75 to close at Rs 239.75. Bajaj Auto, Infosys and L&T were other prominent losers from the universe of stocks forming part of the Sensex. The modest increase in the key indices does not quite capture the kind of bullishness that was evident in the mid-cap stocks. The gainers list was awash with small and mid-cap stocks that logged gains in excess of 15 per cent. Prominent gainers include GSFC, Elder Pharma, MRPL, Lumax, Ruchi Soya and Rajshree Sugar. The sharp rise in share price of these companies was accompanied by an equally impressive rise in trading volume. In the case of GSFC, the share price registered a 20 per cent rise to Rs 36.35 while trading volumes saw a more than three-fold rise to 6.9 lakh shares from 2.1 lakh shares recorded on Friday. The stocks from the RPG group found market fancy on Monday. The likes of KEC International, Ceat, Phillips Carbon and CESC were top gainers from the companies forming part of RPG. The share price of KEC International shot up by 13.13 per cent to Rs 52.55 while trading volumes dropped to 16.02 lakh shares from 19.53 lakh shares recorded the day before. The stock has more than doubled from the close of Rs 22.9 recorded on October 1. Stocks from the sugar and tyre industry managed to log significant rise during the day's trading. Balrampur Chini, Dhampur Sugar, Bannari Amman Sugar and Bajaj Hindustan were prominent gainers from the sugar industry. The share price of Balrampur Chini increased by about 11 per cent or Rs 19.4 to close at Rs 197.8. Trading volume shot up to 1.04 lakh shares from 19,680 shares traded on Friday. Buoyed by reports of a price hike, tyre producers such as MRF, Apollo Tyres and Ceat attracted market interest during the day. The share price of Apollo Tyres went up by Rs 18 to Rs 249.25. At 2.89 lakh shares, trading volumes on Monday was up sharply from 1.26 lakh shares recorded the previous day. Along with Bajaj Auto and Burroughs Wellcome, a few PSU banks were prominent losers of the day. Corporation Bank, Bank of Baroda and Canara Bank were major losers from the banking sector.
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