Financial Daily from THE HINDU group of publications
Saturday, Jul 23, 2005
Financial Daily from THE HINDU group of publications Saturday, Jul 23, 2005 |
|
|
|
|
|
Markets
-
Commentary Columns - Sensor Bank stocks shine Suresh Krishnamurthy
MARKETS took a positive view of the news of revaluation of Chinese currency swayed by expert opinions that the appreciation of yuan will lead to increase in investment inflows from abroad. Sensex and Nifty closed at new all-time highs gaining nearly 1.6 per cent. Advances-declines ratio was decidedly in favour of the bulls with two-thirds of the stock that traded rising in value. Bank stocks led the rally and the banking index outperformed other indices. Except UTI Bank and State Bank of Bikaner & Rajasthan, stocks of all large banks registered gains. Among smaller banks, Dhanalakshmi Bank, City Union Bank and Bank of Rajasthan recorded modest losses. Stocks of public sector banks such as Bank of Baroda, Canara Bank, IDBI and Bank of India gained the most. The stock of Indiabulls, whose subsidiary has struck a Rs 441-crore deal to buy a property in Mumbai vaulted by 16 per cent. Stocks in construction sector such as Mahindra GESCO, Morarjee Realty and Nagarjuna Construction also rose sharply in value. Stocks such as CCL Products, Neelamalai Agro, DCM Shriram and Simbhaoli Sugar in industries such as tea and sugar also attracted trading interest. A number of mid-cap IT companies such as Moschip Semiconductor, Four Soft, Infotech Enterprises and Ramco Systems also figured among the day's gainers. Stocks that lost value include BASF India, TV 18, Lanxess ABS and NIIT. Consumer goods stocks such as BPL, VST Industries and MIRC Electronics also logged declines.
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
|