Financial Daily from THE HINDU group of publications
Saturday, Aug 06, 2005
Financial Daily from THE HINDU group of publications Saturday, Aug 06, 2005 |
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Stock Markets Markets - Commentary Columns - Sensor Large-cap stocks suffer sharp losses Radhika Kamath
AFTER a long winning streak and a sharp uptrend in the last few trading sessions, the markets took a break. Sensex after rallying by nearly 500 points in the last nine sessions ended the week with a loss of 43.1 points. The S&P CNX nifty also posted a loss of 6.6 points. On Friday, the markets opened on a flat note and remained choppy. Weakness in global markets and rising crude prices contributed to the cautious sentiment. On the BSE 30 index, 13 stocks advanced, while 17 of them shed value. The Sensex opened the day at 7806.1,reached an intra-day high of 7817.6 before it closed at 7754. The Nifty opened at 2367.4, marginally lower than its previous close, rallied to 2377.1, while it closed at 2361.2, thereby registering a decline of 0.3 per cent. While most of the large cap stocks suffered sharp losses, mid-cap and small-cap stocks flared on the back of strong buying support. There was widespread buying activity across the counters of Trent, Voltas, Federal Bank, Alok Industries, Indiabulls, Indusind Bank and Bata. Profit-booking in Bajaj Auto, Satyam, Infosys, L&T, Wipro, Ranbaxy, ONGC, Reliance and Gujarat Ambuja dragged them down and contributed to overall weakness in the markets. Most of the capital goods stocks took a beating. Those that declined sharply included Thermax, SKF India, Praj Industries, ABB and Siemens. However, selective buying interest in Gammon India, Crompton Greaves and BEML helped them end the day in positive territory. IVRCL was up by 1.3 per cent after the construction company bagged orders valued at Rs 600 crore for power and water projects from the Government. IT stocks ended the week on a disappointing note. While the frontline stocks came in for sharp selling pressure, there was no respite for the second rung stocks either. HCL Technologies, Ramco Systems and Sonata Software ended in the red. Most of the stocks in the auto sector also put up a poor show. While Bajaj Auto and Hero Honda led the losers' pack, Exide Industries, Escorts, Ashok Leyland and Rane Brakes followed them. Those that managed to negate the trend included TVS Motors, Maharashtra Scooters and CEAT. On a day marked by high volatility and weakness, metal stocks put up a smart show. SAIL was a significant gainer whose stock surged by 6.9 per cent. Hindustan Zinc, Essar, Ispat, Bhushan Steel, Navabharat Ferro Alloys and Jindal Stainless ended with notable gains. Those that moved along with the overall market sentiment included Sesa Goa, Maharashtra Seamless, Jindal Saw and Vesuvius. It was a good display by most stocks in the power sector. Tata Power, Reliance Energy, KEC International, Kalpataru Power and EMCO ended with strong gains. Most stocks in the pharma sector stayed subdued. Pfizer and Glenmark Pharma were down by about two per cent on an average on reports that the Government had banned their drug used in treating arthritis. Other notable losers included Merck, Dr Reddy's, Divi's Lab and Ajanta Pharma. However, a host of stocks that found favour with investors included Matrix Lab, Morepen Lab, Novartis, Cipla, Lupin and Nicholas Piramal. Banking stocks witnessed another day of lacklustre trading. While the BSE BANKEX was down by over one per cent, the NSE Bank Nifty lost 0.5 per cent. Stocks that bore the brunt of selling pressure were UTI Bank, ICICI Bank, HDFC Bank, SBI, Allahabad Bank, Oriental Bank and Andhra Bank. Other notable gainers on the Nifty were Apollo Tyres, Bombay Dyeing, Era Constructions, Essel Propack, India Hotels, Titan, VSNL, Timex and Shoppers' Stop. Arvind Mills, Asian Paints, Gokaldas Exports, Macmillan, MM Forgings, Raymond and Uniply Industries were the prominent losers.
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