Financial Daily from THE HINDU group of publications
Friday, Jun 17, 2005
Financial Daily from THE HINDU group of publications Friday, Jun 17, 2005 |
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Markets
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Commentary Columns - Sensor Profit-taking pulls down indices on volatile day Vidya Bala
THE markets ended in the red on Thursday, after alternate bouts of buying and selling. The Sensex opened on a firm note earlier in the day but later went down to an intra-day low of 6,869.5. After high volatility and heavy profit-taking, it closed at 6,900.4,down 6.6 points. The advance/decline ratio of 0.2:1 reflected the profit-booking mood. The Midcap, Smallcap and Bankex indices of the BSE were the worst hit. The S&P CNX Nifty also moved in a narrow range and closed at 2,123.7 down 4.9 points or 0.2 per cent. The CNX Nifty Junior saw more volatility and closed at 4,444 points, a decline of 1.1 per cent. In the basket of BSE-30 (Sensex), HDFC put up a smart performance and was up by 3.4 per cent after the profits for the year ended March 2005 went up by 19 per cent. The Reliance group continued to surge ahead on the back of news that the differences in the group may be resolved soon. Bajaj Auto, Tata Motors and Satyam also managed to stay in the green. The losers' list included ICICI Bank, Bharti Tele-Venture, Tata Power and Dr Reddy's Laboratories. The media stocks reacted positively to the Government's announcement of allowing foreign institutional investors in the local print media, with the cap remaining at 26 per cent. Deccan Chronicle surged by 14.6 per cent followed by TV Today, which also declared its results after markets closed. NDTV, Mid-Day Multi Media, Sandesh, and Infomedia India also reflected the sector's sentiments. The mood in the capital goods sector remained subdued as Alstom, Lakshmi Machines and Havell India managed to make respectable gains of about one per cent. However, Elgi Equipments, Gammon India and Usha Martin closed weak. Titan was the sole representative in the prominent gainers list of consumer durables. Videocon, Su-raj Diamonds, Samtel Color succumbed to the selling pressures. The stocks of FMCG failed to impress and Ruchi Soya and Godfrey Phillips made gains of less than one per cent. WIMCO, Bata, Marico and Nirma ended in the red. In the pharma and chemicals list, Aarti Drugs witnessed intense buying activity and surged by an impressive 6.5 per cent. While Wockhardt, Novartis and Astrazen Pharma stayed in the green, Morepen led the pack of losers followed by Kopran, Orchid Chemicals and Suven Life. After the stellar performance on Wednesday, sugar stocks witnessed a complete reversal with heavy profit-booking. The stocks of Dhampur Sugar Mills, JK Sugar, Dwarikesh Sugar and Oudh Sugar Mills fell. Metal stocks refused to move in tune with the market sentiment and made respectable gains. SAIL surged by 1.4 per cent after the announcement of merger of IISCO with SAIL. Kalyani Steel, Welspun Gujarat and Madras Aluminium also weathered the challenges. Bhushan Steel, Jindal Steel, Monnet Ispat and Gujarat NRE Coke ended in the red. Oil and gas stocks remained cautious following the deferral of decision by the Government to allow raise in fuel prices. While Reliance and Aban Loyd remained in the green, IOC, Hindustan Oil Exploration, IBP, BOC India lost grounds. IT stocks mostly stayed out of rally although Hexaware and Infosys saw some buying interest. TCS made a marginal gain of 0.4 per cent after it got a Rs 150-crore order from Central Bank of India for banking software solutions. Among the technology stocks, Shyam Telecom declined steeply by 12 per cent. The telephone services company had announced the approval of its board for its merger with Shyam Telecom Manufacturing. Prominents gainers in the Nifty constituents were Reliance Energy, IDBI, Asian Paints and CMC. The losers list included IPCL, VSNL Ranbaxy, Polaris and Syndicate Bank.
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