Financial Daily from THE HINDU group of publications
Wednesday, Sep 14, 2005
Financial Daily from THE HINDU group of publications Wednesday, Sep 14, 2005 |
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Markets
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Commentary Columns - Sensor Bankex steals the limelight; mid, small-caps make merry S. Vaidya Nathan
ON a day when the large-cap-stocks packed Nifty kissed the 2,500-mark, several small-cap and mid-cap stocks cutting across sectors took the centre stage; the likes of Ultramarine Pigments, Man Industries, Maharashtra Seamless, Birla Corp and Ucal Fuel were prominent gainers. Stocks of SBI's associates — State Bank of Travancore, State Bank of Mysore and State Bank of Bikaner — notched big gains. Siemens — out-performed by its peer ABB over the last few months — swept past the Rs 2,500-mark with gains of about 5 five per cent, as investors lapped up stocks in the engineering and construction space. The markets appear to have taken a more measured view of the three-way merger in the Aditya Birla Group with Indian Rayon regaining a part of the value that it shed in Monday's trading. Birla Global Finance and Indo Gulf, which are to be merged with Indian Rayon, consolidated on Monday's gains that were driven by a favourable swap ratio. After the trading hours, in an unusual exercise, Hindalco, another Aditya Birla group company, indicated that a rights offer might be in the offing. The company board meets on September 20 to consider the proposal. It was a day when the recent bullish trend appeared set to take the backseat, as markets started on a flat note and, then slipped into the red. But by early afternoon, the upward march resumed and a range of indices sported a coat of black and the index tracking banking stocks stole the limelight. The broad-based nature of the rally was evident, as advancing stocks comfortably outpaced declining ones. The robust growth in exports and non-oil imports as well as a sharp rise in fuel consumption in August (on the back of healthy industrial growth rate figures) supported the bullish trend. The Nifty and Sensex found triggers in Bharti Tele-Ventures, HDFC, IPCL, Reliance Energy and SBI. The index bigwigs - ONGC and Reliance Industries - had a subdued outing. Among the Nifty stocks that shed value were TCS and Tata Steel. A star performer in the large-cap space was Bajaj Auto, which has been on a roll over the last month with gains of about of 20 per cent. Its main competitor Hero Honda was one of the few losers in the Nifty. Stock-specific action:
Paper stocks consolidated on gains over the past month. Star Paper, Sirpur Paper and Seshasayee Paper closed with smart gains. Several auto-component players such as Sundram Fasteners, Sundaram Clayton, Bharat Gears, Rane Engine Valves and Ahmednagar Forgings enjoyed a fine outing. Sona Koyo Steering was one of the few stocks that sported a decline in this space. Gujarat Fluorochemicals, Pantaloon Retail, Jindal Steel & Power, Astra Microwave and Financial Technologies were on an upswing. Ramco Industries, Max India, Aban Loyd Chiles, Divi's Labs and KCP Sugars lost steam. MSP Steel, SAL Steel, Saint Gobain Sekurit, Gujarat Ambuja Exports, Forbes Gokak, Milton Plastics, Excel Industries, SPL, KLG Systel and Essel Propack were prominent gainers. The list of losers included Cyber Media, Upper Ganges Sugar, Aztec Software, Ginni Filaments and HCL Infosystems.
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