Financial Daily from THE HINDU group of publications
Thursday, Jun 23, 2005
Financial Daily from THE HINDU group of publications Thursday, Jun 23, 2005 |
|
|
|
|
|
Markets
-
Commentary Columns - Sensor Midcap, Smallcap & Bankex end weak Vidya Bala
MARKETS continued their smart rally with the BSE Sensitive Index showing no signs of tiring out. The Sensex after opening on a flat note, quickly moved to an intra-day high of 7167.3. It later pared the early gains and closed at a record 7145.3, up 68.8 points. However, the BSE Midcap, Smallcap and Bankex ended with declines. The S&P CNX Nifty closed at 2187.3 - a gain of 17.4 points over its previous day close. The CNX Midcap managed to keep up the momentum while Bank Nifty joined in line with the BSE Bankex. The arrival of South-West monsoon in major parts of the country, continued FII inflows and the lingering positive sentiments over the Reliance settlement may have contributed to this steady rally. Auto, cement, FMCG, construction and pharma stocks stole the limelight on Wednesday. The major gainer in the basket of the BSE 30 (Sensex) was HDFC. The stock surged by 3.4 per cent to Rs 871.7, after the UK-based Standard Life sold 4.9 per cent stake in the company. Larsen & Toubro, Maruti Udyog, Tata Steel, Cipla, TCS and ITC were the other major gainers. HDFC Bank, BHEL, Hindalco and SBI were notable losers. Among the Reliance group stocks Reliance Energy fell to close at Rs 652.2 — a decline of Rs 3.1, while Reliance continued its march and rose by Rs 9.6 to Rs 655.5. In the capital goods counter, Praj Industries put up a smart performance and surged 5 per cent to Rs 682.9 after it acquired world-wide rights for fuel ethanol technology from the US-based Delta T Corp. Esab India and Gammon India also landed in the green. The BSE Metal Index reflected strong buying interest during the day. Gujarat NRE Coke was up by 2.7 per cent after it announced plans to acquire stake in the Australian-based Zinico Resources. Mukand, Jindal Steel and Uttam Galva made respectable gains, while SAIL, Jindal Saw and Essar Steel ended in the red. In the pharma and chemical counters Glenmark Pharmaceuticals, followed by Aarti Drugs, Nicholas Piramal and Dr Reddy's Lab gained momentum and ended on positive grounds. Aurobindo Pharma rose after it received tentative approval from the USFDA for an anti-retroviral drug. Ranbaxy, however, declined. The banking indices at the BSE and the NSE failed to reflect the positive market sentiment and suffered losses. The losers' list was led by Bank of India. The company's share declined by 4.1 per cent to Rs 95.8 after it lost an appeal against a $82-million verdict in a UK court. Andhra Bank, Punjab National Bank and Union Bank also ended in the red while UTI Bank, Bank of Baroda and ICICI Bank weathered the challenges and moved up. The auto stocks witnessed intense buying activity with M&M, Omax Auto and Tata Motors making smart gains. Escorts, Shanti Gears and Rane Madras failed to impress and ended on a weak note. Among the IT stocks, Geometric Software Solutions surged 1.8 per cent after the company's board approved a stock split of each share into 5 shares of Rs 2 each. Satyam also made gains after it announced a software deal with Bausch & Lomb India. Corporate actions: GHCL rose by 6.1 per cent after promoters Dalmia raised their stake in the chemical maker. Prakash Industries and Canara Bank surged by 9.8 per cent and 1.5 per cent after results for the year ended 2004-05 were declared. Shrenuj & Company rose 5 per cent to Rs 94.9 after it announced that its board is considering stock split and plans to form subsidiaries in Hong Kong and Antwerp. Prominent gainers among the Nifty constituents were ITC, IDBI, Corporation Bank and Nirma. IPCL, HCL Tech, IFCI and Raymond were notable losers.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|