Financial Daily from THE HINDU group of publications
Tuesday, Jan 18, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jan 18, 2005 |
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Markets
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Stock Markets Columns - Sensor Late-hour buying in heavyweights helps in recovery Shanthi Venkataraman
THE benchmark indices threatened to end yet another day in the negative territory, but buying in index heavyweights towards the end of the trading session saved the day, helping the indices to close on Monday at higher levels. The BSE Sensex gained 20.25 points or 0.33 per cent to close at 6194.07. The S&P CNX Nifty ended the day at 1932.90 points, up 1.80 points or 0.09 per cent from its previous close of 1931.10. While the buying was across the board, the banking sector remained the market favourite. The Sensex opened above the 6200 levels but could not sustain its positive note. After touching a high of 6232.97 points, it slid steadily to touch a low of 6087.55 points. In the last half-hour of the trading session, however, the benchmark index got a leg up from buying in the stocks of HDFC, Infosys and SBI. Other stocks that gained include Tata Power and ACC. The major loser was the stock of Zee Telefilms and Dr Reddy's. Despite the recovery, however, the breadth of the market remained negative. For every four stocks traded on the BSE, only one stock advanced, underscoring the cautious mood in the market. Banking stocks were in the limelight. The BSE Bankex gained a smart 1.27 per cent, outperforming all other indices. The stock of SBI gained close to two per cent to close at Rs 588.85. The action was, however, more in the mid-cap and small-cap stocks. The stocks of Corporation Bank, Canara Bank, Bank of Rajasthan and Lakshmi Vilas Bank gained more than 5 per cent. The stocks of Karnataka Bank, UTI Bank and Bank of Punjab were also strong gainers. The announcement of third-quarter results also gave a kicker to select stocks. The stock of Bharat Forge rose 4.67 per cent to close at Rs 1110.15, after it reported a 25 per cent growth in profits. The stock of UTI Bank also gained 4.13 per cent to Rs 196.75 on the back of good earnings numbers. The stock of Balrampur Chini, however, remained flat, despite announcing that its profits for the quarter had quadrupled on the back of higher prices. The stock of ICICI Bank also ended the day only marginally higher at Rs 351.95. On the flip side, stocks of companies that announced poor financial results took a nosedive. The stock of Aurobindo Pharma declined 7.29 per cent to Rs 287.30 after it declared a 70 per cent drop in profits for the quarter ended December. The stocks of Castrol India and Finolex Industries also declined after they announced a fall in profits. Some of the other prominent gainers include Macmillan India, Sesa Goa, Liberty Shoes, McDowell and ABB. The stock of Macmillan India soared 11.25 per cent or Rs 38.95 to close at Rs 385.10. Volumes jumped from 790 shares on Friday to 9144 on Monday. The stock of ABB also gained smartly gained Rs 23.85 to close at Rs 919.25. The company announced that it has won orders valued at Rs 135 crore from West Asia. Volumes surged from 1384 shares on Friday to 8197 shares on Monday. The stock of Sesa Goa also gained smartly by Rs 84.55 or nine per cent to close at Rs 1023.20. Quite a few pharmaceutical stocks figured in the losers list. Prominent among them were the stocks of Ranbaxy, Pfizer, Lupin, Astrazeneca Pharma, IPCA labs and JB Chemicals. The stock of Indoco Remedies, which listed at a 60 per cent premium on Friday, also cooled off, closing at Rs 370.95. The stocks of Aventis Pharma, GlaxoSmithKline Pharma and Orchid Chemicals were among those that bucked the trend. Other stocks that shed value include Zodiac Clothing, i-flex Solutions, Pantaloon Retail, Taj GVK, Arvind Mills, Suven Life Sciences and Swaraj Mazda, to name a few.
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