Financial Daily from THE HINDU group of publications
Saturday, Apr 23, 2005
Financial Daily from THE HINDU group of publications Saturday, Apr 23, 2005 |
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Markets
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Stock Markets Columns - Sensor Infotech stocks lead market rally Nath Balakrishnan
THE markets ended the trading week in style, posting gains for the third consecutive day. The Sensex gained 47.37 points to settle at 6346.57 points, even as the Nifty moved up by 18.80 points to end the day at 1967.35 points. All technology sector stocks that are part of the benchmark indices - Infosys, TCS, Wipro, Satyam and HCL Technologies - registered smart gains and led the rally. The positive sentiment at the markets was also underscored by the ratio of advances to declines, which stood at 2:1. Steel sector stocks shed value across the board. The markets appeared to have clearly overcome the disappointment that accompanied the announcement of results by TCS during the early part of the trading week. Buoyed by the earnings announcement of Wipro, whose earnings in the fourth quarter logged a gain of 38 per cent, stocks belonging to the sector appeared to be back on the investors' shopping list. Wipro's announcement of one bonus share for each share held was the icing on the cake for the stock, as it gained Rs 38.35 to close at Rs 644.45 and, in the process, contributed the most to Nifty's rise. Infosys was the highest contributor to the gains on the Sensex. On a day when the market sentiment was positive, the listing of 3i Infotech was on lacklustre. At Rs 97.8, it closed at below the price of Rs 100 at which the stock was offered in the initial public offering. The stock had opened at Rs 105.1 and touched an intra-day high of Rs 107.9. In company specific action:
The star stock - for the second day in a row - was Siemens. The stock rose Rs 73, which is significant as it follows gains of Rs 100 in Thursday's trading. Ahead of its earnings announcement, markets appear to be pricing impressive growth numbers. Its peer, ABB, had turned in numbers that were viewed favourably. It was a day on which engineering sector stocks were in the limelight. Stocks from this space posted gains of 1.6 per cent with only LMW shedding sizeable value. Stocks such as Bharat Earth Movers (BEML), Atlas Copco, CESC, Havell's India, Bharat Electronics, Alstom, Thermax and Kirloskar Brothers were stocks that sported notable gains. In the banking sector, there were divergent trends with stocks of private sector banks such as ICICI Bank, ING Vysya Bank and Kotak Mahindra Bank sporting smart gains. Oriental Bank of Commerce was another significant gainer ahead of the opening of its seasoned equity offering on Monday. The stock closed substantially higher, compared to the upper end of the price band of Rs 235 - Rs 260. Stocks of other major players such as State Bank of India, HDFC Bank and Corporation Bank ruled weak. Stocks of optical-fibre cable companies such as Sterlite Optical and Aksh Optifibre were marked up following healthy profit growth reported by fibre companies in the US. Shipping stocks such as Great Eastern Shipping and Shreyas Shipping and tractor plays such as Punjab Tractors and Escorts closed on a firm note. Momentum stocks that remained on an upswing were Dishman Pharma, Disa, AstraZeneca, Forbes Gokak and OCL. Those that lost steam include Vimta Labs, Zodiac Clothing, Bhushan Steel and Ashapura Minechem. Other prominent gainers were Vaibhav Gems, Bharat Bijlee, BASF India, Jagatjit Industries, KSB Pumps, Punjab Alkalies, Transport Corporation of India, Today's Writing Products, Bajaj Electricals and LIC Housing Finance. Notable losers were ETC Networks, J K Industries, Super Spinning, Matrix Labs, Suraj Stainless, JBM Auto Components, Thiru Arooran Sugars, Greenply, Cadila Healthcare and Goodricke Group.
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