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G. Madhan

MARKETS witnessed volatile trading activity as the benchmark BSE Sensex ended the second trading day of the week on Tuesday marginally lower at 5791.85 points. The 30-stock index fell by 5.48 points (0.1 per cent). The index opened firm at 5831.78 points, about 34 points higher than the previous day's closing.

During the early trading sessions, the index witnessed volatile trading activity. Sensex steadily rose after that and reached an intra-day high of 5920.76 points. The last one-hour of trading, however, saw intense profit booking as the index plummeted to the day's low of 5762.6 points and in the process registering an intra-day swing of about 158.16 points.

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In the BSE, indices such as the BSE TECk, BSE 500, BANKEX dipped into the red. On the other hand, indices such as BSE PSU, BSE 100 ended the day on a positive note.

In the NSE, the slightly broad-based index, S&P CNX Nifty also fell marginally by 0.8 points to 1873.25 points. In the BSE, of the total 2,296 stocks that were traded, 691 gained, 1,545 lost ground and the rest remained unchanged. Among the Sensex constituents, only seven stocks appreciated; the remaining 23 stocks closed the day lower.

Index heavyweights were a mixed bag on Tuesday. The stock price of Reliance Industries rose by 4.5 per cent to Rs 560.95 on accompanying trading volumes of 73.2 lakh shares. Infosys Technologies also edged up marginally by 0.4 per cent. On the other hand, Hindustan Lever (0.1 per cent), ICICI Bank (1.6 per cent) and ITC (1.2 per cent) declined in value.

Key losers of the index include Ranbaxy Labs (1.9 per cent), SBI (1.7 per cent), Tata Steel (2.7 per cent), Hero Honda (2.1 per cent), ACC (3.8 per cent) and BSES (1.9 per cent). Among the notable gainers were Tata Power (1.1 per cent) and MTNL (1.9 per cent). Positive sentiment prevailed in the PSU stocks ONGC and Gail. The stock of ONGC rose by 4.4 per cent to Rs 781.90. The latter, on the other hand, appreciated by 7.1 per cent to Rs 257.25 on accompanying trade volumes of 45.2 lakh shares. The Government has called for limited bids from merchant bankers, who had participated in the last four privatisation cases, with a view to appoint the lead managers/advisors for disinvesting 10 per cent of the equity shares in ONGC and Gail.

The stock price of the Hyderabad-based Nagarjuna Construction surged by 9.9 per cent to Rs 160.9 on accompanying a sharp surge in trading volumes. The company has announced that it is considering an issue of equity shares on preferential basis to a select group of individual/corporate/institution. The company is also considering an issue of share warrants to the promoters on preferential basis.

The stock price of Corporation Bank rose by 1.8 per cent to Rs 243.55. The company has proposed an interim dividend of 30 per cent for the financial year 2003-04 and has fixed January 15 as the record date.

The stock price of Matrix Labs hit the upper circuit as it rose 2 per cent to Rs 1,535.85. The US-based New Bridge Capital, an investment firm, is acquiring 14.9 per cent of the equity stake in the company.

The stock of Indraprastha Gas witnessed huge surge in trade volumes as it rose by 4.9 per cent to Rs 149.55. The stock has been witnessing steady uptrend ever since it made its debut in the stock exchanges last week.

Steel stocks SAIL, Tata Steel and Essar Steel registered robust trading volumes. Other stocks that witnessed huge trade volumes include Silverline Technologies, Alka India, Satyam Computer, Orbit Multimedia, Bhuvan Tripura Industries, Essar Shipping, IFCI, Himachal Futuristic, Bongaigaon Refinery and Advik Labs.

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