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Friday, May 07, 2004

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Bears exit on poll projections

Krishnan Thiagarajan

EXIT polls on the latest phase of the Lok Sabha elections moving in favour of the ruling alliance and away from a hung Parliament triggered a rally at the bourses.

The BSE Sensex rallied for the third consecutive day and advanced by 71.11 points (or 1.3 per cent) to close at 5757.30 points. In the 30-share Sensitive Index, the strong trend was evident from 24 stocks advancing in value while 6 stocks logged declines.

The Sensex opened for the day at 5749.98 points, touched a high of 5772.64 points and a low of 5739.26 points, before closing for the day at 5757.30 points. Among the sectoral indices, the significant gainers were the BSE-Consumer Durables - 2.95 per cent, BSE PSU - 1.98 per cent and the Bankex - 1.86 per cent.

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The S & P CNX Nifty also gained 22.9 points (or 1.27 per cent) to close at 1832.8 points, while the CNX Nifty Junior advanced by 82 points (or 2.24 per cent) to close at 3735.90 points.

Among the Nifty, the significant gainers during the day were National Aluminium (5.31 per cent), Mahindra & Mahindra (4.40 per cent), Hindalco (4.36 per cent), Oriental Bank of Commerce (3.92 per cent) and Grasim Industries (3.6 per cent), another stock from the Aditya Birla group stable. The prominent losers were Cipla (1.60 per cent), BHEL (1.34 per cent), ITC (0.95 per cent), Wipro (0.88 per cent) and HDFC (0.64 per cent).

In the Nifty Junior , the top five gainers were Bank of Baroda (11.81 per cent), Tata Teleservices (9.50 per cent), Wockhardt (9.42 per cent), Bharat Forge (5.57 per cent) and Canara Bank (5.10 per cent).

The top five losers were Moser Baer (3.75 per cent), IDBI (1.92 per cent), Punjab Tractors (1.64 per cent), Cummins India (1.59 per cent) and IBP (0.85 per cent).

Among the significant gainers were Bank of Baroda and Bank of Rajasthan from the banking sector, Essar Steel, Bhushan Steel and Mahindra Ugine from the steel sector, Rama Newsprint and Orient Paper from the paper industry and iGate Global from the software sector.

The Bank of Baroda stock was the prominent gainer during the day with the stock appreciating by 11.8 per cent to close at Rs.251.20. The trading volumes in the stock surged from 2.9 lakh shares on Wednesday's trading to 33.93 lakh shares during the day's trading. The heightened trading activity in the stock has to be seen in the light of the decision by the Reserve Bank of India to allow additional purchases by FII's to 20 per cent. The Bank of Rajasthan stock gained 11.6 per cent to close at Rs 50.6.

The Mahindra Ugine stock jumped by 19.19 per cent to close at Rs 29.5, with trading volumes in the stock surging from 52108 shares on Wednesday's trading to 3.6 lakh shares during the day. The other steel stocks namely, Essar Steel and Bhushan Steel also gained 10.5 per cent and 9.1 per cent respectively. The iGate Global was the other major gainer with the stock gaining steadily for the past few days to close at Rs 246.05. The stock gained 9.47 per cent during the day. The trading volumes in the stock rose from 19,473 shares on Wednesday to 65,869 shares during the day.

Among the other stocks, the prominent gainer was Asian Electronics. The stock appreciated by 18.9 per cent to close at Rs. 65.05. Compared to 21,663 shares traded on Wednesday, the trading volumes in the stock soared to 1.60 lakh shares during the day.

The prominent losers during the day were Texmaco, India Cements, Bajaj Hindusthan, Sakthi Sugars, Dai-ichi Karkaria, Moser Baer, Thiru Arooran Sugars and Asahi India.

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