Financial Daily from THE HINDU group of publications
Friday, Aug 05, 2005
Financial Daily from THE HINDU group of publications Friday, Aug 05, 2005 |
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Markets
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Commentary Columns - Sensor Large-cap stocks shine Radhika Kamath
THE bulls continued their march on the bourses as the markets ended the day with smart gains, the benchmark Sensex closed at 7796.9, while Nifty ended the day at 2367.8. The rally was more pronounced in the frontline large-cap stocks. Reliance Industries advanced by 2.1 per cent and held the momentum high. Ranbaxy, Reliance Energy, Grasim, ITC, ACC, HDFC Bank, Wipro, Bajaj Auto, L&T, Cipla, HLL, Tata Steel and BHEL witnessed heavy buying interest that propelled the indices to higher levels. Mid-cap counters, which came in for some correction on Wednesday, saw fresh buying interest. Significant gainers in this space included Reliance Capital, Balrampur Chini, Hindustan Oil Exploration and Exide Industries. The undertone in the markets was largely bullish. Twenty out of the 30 stocks constituting the BSE 30 advanced. Continued buying by FIIs along with active participation by retail investors, firmness in global markets and normal monsoon boosted the market sentiment. There was widespread action across the counters of capital goods, FMCG and metals stocks.
ABB, Greaves Cotton, Siemens, Praj Industries, Alstom, Thermax and Dredging Corporation put up a smart show. L&T jumped by 5.7 per cent after the company and its international consortium partners bagged two contracts worth Rs 1,550 cr from Tata Steel for its expansion project. FMCG stocks continued to advance on the back of renewed buying interest. Stocks of Tata Coffee, Britannia, Nirma, Nestle, ITC and Colgate Palmolive ruled firm. It was a field day for most of the metals stocks. Tata Steel, SAIL, Nalco, Hindalco, Ispat and Bhushan Steel recorded strong gains. Bulls were very active across the counters of select auto stocks. Maharashtra Scooters, Hero Honda, TVS Motors and CEAT ended the day in positive territory. Banking and IT stocks, however, stayed out of favour. Profit booking in Infosys, Satyam, TCS, SBI, ICICI Bank, Canara Bank and Union Bank dragged them down.
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