Financial Daily from THE HINDU group of publications
Tuesday, Jun 28, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jun 28, 2005 |
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Markets
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Commentary Columns - Sensor Profit-taking snips Sensex gains Vidya Bala
THE markets were unable to keep up last week's momentum and ended on a flat note in the midst of high level volatility. The Sensex crossed the 7200-mark during the day with an intra-day high of 7228.2 but witnessed heavy profit-booking towards the close of the session. It closed at a record of 7151, up by 2.5 points. Profit-booking in the Reliance counters on reports that IPCL may not be merged with Reliance Industries dragged the Sensex down. The advance decline ratio of 0.7:1 reflects the heightened selling activity. The BSE Midcap, Smallcap and Bankex failed to keep pace and ended on negative grounds. The S&P CNX Nifty closed at 2199.8 - up 5.5 points over its previous close. The CNX Midcap 200 and Bank Nifty followed their BSE counterparts and ended on a weak note. Selling pressure in banking, steel and technology stocks added to the negative sentiment. Among index heavy weights, BHEL and ONGC were the notable gainers for the day while Hero Honda, Ranbaxy, and Associated Cements witnessed declines. The Central heavy industries minister had earlier spelt out ONGC's interest in acquiring Tide Water Oil India from state run Andrew Yule & Co. ITC, HDFC, Tata Power and Maruti Udyog also managed to close in the green. It was a mixed bag for the capital goods sector. While the stocks of Praj Industries and Siemens surged, NELCO, Esab and Elgi Equipments ended in the red. Larsen & Toubro gained Rs 5.8 to close at Rs 1142.4 after the company bagged a Rs 418 crore order from The National Highways Authority for constructing roads in Haryana. Gujarat Alkalies & Chemicals and Gujarat Narmada Valley Fertilizers surged by 5.4 per cent and 7.5 per cent. The positive sentiment seems to have been triggered by expectations that the companies would be benefited from India's biggest gas discovery by affiliate — Gujarat State Petroleum. GAIL, BPCL, IOC were gainers in the oil and gas counter while HPCL and IBP succumbed to selling pressures. Second-rung stocks saw heightened activity in the information technology sector. Rolta, Hexaware, Visual Soft had a bull run while frontline stock Satyam ended in the red. Among the technology stocks Balaji Tel, Bharti Televenture and Tata Teleservices withstood the bearish pressures and closed with respectable gains. Media stocks, NDTV, Deccan Chronicle and TV Today were notable losers. TV18, however, managed to hold ground. The BSE Bankex bore the brunt of the negative sentiment and closed at 3957.4 — a decline of 6.2 points. Pharma stocks continued to stay out of rally as Aarti Drugs, Cadila, Glenmark and Suven Life failed to weather the challenges and ended weak. In the metal counter Kalyani Steel, Jindal Stainless and PSL made gains while SAIL, ISPAT and Bhushan Steel closed with a bearish undertone. Corporate action LIC Housing nose-dived by 7.6 per cent to close at Rs 205.6 after its profits for the fourth quarter ended March 2005 declined by 73 per cent over the corresponding period in the previous year. India Cements declined by 2.5 per cent although it had narrowed its total losses with a 4th quarter profit of Rs 73 crore. The stocks of Bharat Forge surged after the company acquired stake in US-based Federal forge. BASF stocks declined by 3 per cent after a fall of 18 per cent in its fourth quarter profits. Shipping Corporation surged by 1.8 per cent to close at Rs 145.3. The Government has planned to sell 15 per cent of its stake in the company and also split stocks. Among the Nifty constituents IPCL, Vysya Bank, GE Shipping and JP Associates were notable gainers while Zee Tele, National Aluminium Company, IFCI and Moser Baer were conspicuous losers.
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