Financial Daily from THE HINDU group of publications
Thursday, Jun 30, 2005
Financial Daily from THE HINDU group of publications Thursday, Jun 30, 2005 |
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Markets
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Commentary Columns - Sensor Market recovers after initial hiccups Alagappan Arunachalam
IN the early hours on Wednesday, the market was unstable with the bellwether indices moving back and forth into the negative territory. The bulls, however, dominated the market after the initial volatile trend. The advances-declines ratio reflected the bullish undertone that prevailed towards close. Almost all indices closed with gains. In the opening hour, the BSE Sensex dropped sharply to touch the day's low of 7034.48 points. After a spike, it slid again almost entering the negative territory. From then on, the index, on a firm note, moved northwards to close at 7119.88 points. Registering a gain of 70.88 points, the index wiped a part of the losses posted on Tuesday. The S&P CNX Nifty reflected a similar trend. The index moved twice into the negative territory in the early hours of trade. Switching gears, the Nifty registered sharp gains towards close to end the session at 2191.65 points. Steel stocks were in the limelight. Frontline steel stocks SAIL and Tata Steel inched northwards to gain over one per cent. Kirloskar Ferrous Industries, Jindal Vijaynagar Steel, Vesuvius, Nava Bharat Ferro Alloys, Mukand Steel and Lloyd Steel gained more than 2 per cent. Uttam Galva, Bhushan Steel and Essar Steel were among the losers. A 119-per cent earnings growth reported by Nirma triggered buying interest in the stock. Intense activity was recorded on the counter as the volumes surged 21 times. The stock closed with a gain of 5.42 per cent at Rs 438. Accompanied by a 9-fold jump in volumes, SRF gained about 5 per cent after the announcement that it had signed an agreement with the Union Government to reduce the emission levels of a harmful chemical. The stock gained 29 per cent in this month. Prominent gainers on the Nifty list were Sun Pharmaceuticals, VSNL, Tata Motors, Colgate, Dr Reddy's, HDFC Bank and Reliance. Significant losers on the Nifty were Grasim, Tata Chemicals, Maruti, M&M, Tata Power and Dabur.
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