Financial Daily from THE HINDU group of publications
Saturday, Jul 30, 2005
Financial Daily from THE HINDU group of publications Saturday, Jul 30, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Buoys on fund buying
SPICEJET, the low-cost carrier, rose on Friday. The stock closed at Rs 78.60, up 8.04 per cent, with volumes of 30.15 lakh shares. Dealers said the upturn in the stock price is due to the large-scale institutional interest on the back of good response to the company's low cost airline. Since the launch of the airline two months ago, it has recorded capacity utilisation of 93 per cent - the highest among domestic airlines. Moreover, it would add two more aircraft this year and another eight by the end of 2006. Dealers said with addition of more aircraft, the cost of operations will come down. The talk is that there has been lot of FIIs' interest in the counter and this is leading to rise in the stock price. Several broking outfits too have come out with `buy' report on the company's stock.
Index selling erases gains THE last day of expiry of derivatives contracts (July series) led to high volatility in the stock market. Dealers said the BSE Sensex and the NSE Nifty, which rose during the day, fell sharply in the last 30 minutes of trading. The buzz is that this was due to large-scale selling in Nifty index through basket trading. The rise in the early part of the day was due to short-covering by traders in the derivatives segment while selling in Nifty was seen from FIIs, who had good returns in the last one month. Nifty gained more than four per cent in the last one month and this return in a single month is considered good by FIIs.
Virendra Verma
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