The Hindu Business Line : HDFC, Bharti Tele power gains

THERE appears to be no stopping the juggernaut called the Indian stock market, as the Sensex posted handsome gains for the 12th time in the last 13 trading sessions.

The Sensex rose 97.2 points to settle at 8380.96 points; the Nifty gained 28.4 points to end at 2552.35 points. HDFC and Bharti Tele-Ventures powered the gains in the Sensex.

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As the market opened at 8296.88 points, a breach of the 8300-point mark looked well on the cards. As trading ended, that mark was well and truly surpassed, even as the Sensex overcame two hiccups during intra-day trade.

The star of the day was HDFC. It does not happen frequently that the stock contributes the most to the rise in the Sensex, but Friday proved to be different. The stock put on Rs 63.65 to end the day at Rs 1,064.45, on the back of trading volumes of about two-lakh shares. Volumes almost trebled compared to the levels seen on Thursday.

The bullish undertone in Bharti Tele-Ventures was supported by the conversion of bonds issued in the overseas markets; the company has issued about 37-million shares to Merrill Lynch and ABN Amro Bank, which was approved by the board after the trading hours on Thursday. The stock rose Rs 19.8 to end at Rs 362.8.

ONGC was another stock that saw momentum. The news of the company receiving an insurance claim of Rs 760 crore for its offshore platform that suffered damage in a fire buoyed the counter. The stock rose Rs 21.7 to close at Rs 1,021.6, on the back of trading volumes of about 3.5-lakh shares.

Advancing stocks outpaced declining stocks comfortably. In the large- and mid-cap space, there were about 400 gainers and 300 losers. The upward trend was largely confined to large-cap stocks.

While the Nifty and Sensex posted gains of over one percentage point, the index tracking stocks in the mid-cap space rose 0.3 per cent. Small-cap stocks did, however, have a fine outing with gains that mirrored the Nifty and Sensex. In the large-cap category, advancing stocks outdid declining stocks by a factor of two. Stocks in the IT space had a subdued outing.

Stocks that hit upper circuit filter were Aegis Logistics, Birla Global Finance, CRISIL, Bombay Burmah Trading, Sakthi Sugars, Fairfield Atlas, Goetze, Elecon Engineering, Zandu Pharma and Kovai Medical.

Stocks such as McDowell, Sesa Goa, IL&FS Investsmart, Bharati Shipyard, Tamil Nadu Newsprint and JSW, to name a few, were mid-cap stocks that appear to have gained on the back of institutional investor interest. In event-specific action:

Amar Remedies, a small-cap pharmaceutical stock, made a sparkling debut with listing gains of about 100 per cent; the stock, which was offered at Rs 28 in the initial public offering, closed the day at Rs 56.

Great Eastern Shipping was marked lower as investors appear to have been disappointed by the specifics of the restructuring that were unveiled on Thursday.

An order for export of designer jewellery to a Singapore client valued at about Rs 125 crore led to a surge in the stock of Rajesh Exports; and

Titan Industries sported gains, as it launched GoldPlus — a new range of jewellery targeted at the semi-urban and rural markets as well as an exclusive showroom for this line of products in a pilot launch in Tamil Nadu.

Other prominent gainers were SPIC, Nucent, Amtrex Appliances, Atul, Mukand, SPL, Ruchi Soya, Soma Textiles, IPCA Labs and Chennai Petroleum.

The losers list also included the likes of JBM Auto Components, Khaitan Electricals, Phillips Carbon Black, Cimmco Birla, Hitech Gear, Gujarat Ambuja Exports, Duncans Industries, Punjab Tractors, Crew B.O.S and Zodiac JRD MKJ.

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