The Hindu Business Line : Reliance, ITC snap 10-day rally

The 4.48-point decline in the Sensex does not quite reflect the volatility witnessed during the day's trading. After hitting a new peak of 8,260, the Sensex fell to a low of 8,144.32 before recovering smartly to end the day at 8,189.48. The S&P CNX Nifty mirrored a similar trend. The index closed at 2,492.45, a drop of 7.9 points from Tuesday's close.

The weak trend in stocks such as Reliance, ITC and Bharti Tele was instrumental in snapping the 10-day winning streak recorded by the benchmark indices. The share price of Reliance dropped Rs 11.25 to Rs 740.75. The ITC stock dropped by Rs 35.65 before closing at Rs 1,856.45.

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The stocks from the banking and financial services sectors continued to attract buying interest.

State Bank of India, ICICI Bank and HDFC were prominent amongst the gainers from the pack of stocks that form part of the Sensex. Helped by the Rs 28.15 rise, HDFC is now within the striking distance of the Rs 1,000-mark. The stock closed at Rs 988.30 at the BSE.

While the bull-run in the index was arrested, it did not have any impact on the market sentiment towards mid-cap stocks. Quite a few stocks from the mid-cap space logged sharp gains for the day.

The likes of Thirumalai Chemicals, Infotech Enterprises, Dalmia Cement and Punjab Tractors were prominent amongst the gainers.

Apart from the spurt in price, a sharp spurt in trading volumes was evident in the case of Thirumalai Chemicals and Punjab Tractors. The share price of Thirumalai Chemicals registered a 16 per cent rise to Rs 171.95 at the NSE. Trading volumes zipped ahead to 8.8 lakh shares from 1.6 lakh shares. Quite a few block deals were also putthrough in this counter at an average price of Rs 177.2.

Punjab Tractors saw its share price moving up by Rs 13.35 to Rs 199.1. Trading volumes increased to about 11.5 lakh shares from one lakh shares recorded the day before.

A similar trend was evident at the NSE as well. Close to 14 lakh shares of Punjab Tractors was traded on Wednesday.

Buoyed by the reports of having bagged an order from the Dutch company - Royal KPN NV, the share price of Infotech Enterprises registered a gain of Rs 18.25 to close at Rs 350.40. Trading volumes were robust at 5.1 lakh shares in comparison to 37,217 shares recorded on Tuesday.

Dalmia Cement attracted market interest following the company's decision to hold a board meeting on September 20 to consider stock split. The stock moved up by about 10 per cent before settling at Rs 739. Trading volumes increased to 13,217 shares from 9,369 shares.

The stocks from the Videocon stable were buzzing with activity on Wednesday. Top companies such as Videocon International, Videocon Industries, Videocon Appliances and Videocon VCR found a place in the gainers' list.

Videocon International moved up by 8 per cent to Rs 104.75 while trading volumes rose to 33 lakh shares from 6 lakh shares recorded the previous day.

Along with Reliance Industries and Reliance Energy, the list of major losers included stocks such as India Infoline, SPL, IFSL and Orient Information.

The share price of Reliance Energy dropped Rs 12.15, surrendering in the process a portion of the Rs 22 gain recorded on Tuesday. The stock ended the day at Rs 593.55 with 2.5 lakh shares changing hands during the day.

Hindustan Organics, SPL, Omax Auto and Insilco were also part of the losers during Wednesday's trading. The share price of Omax Auto declined by 5 per cent to Rs 146.85. From 49,074 shares, trading volumes dipped to 22,200 shares recorded the pervious day.

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