Financial Daily from THE HINDU group of publications
Friday, Oct 21, 2005
Financial Daily from THE HINDU group of publications Friday, Oct 21, 2005 |
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Markets
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Stock Markets Columns - Ear to the ground Tech stocks up on rupee slide
THE falling rupee against dollar seems to have given a fillip to IT stocks as a section of market players interpreted it as additional revenue benefit for the local software exporters. The frontline IT stocks finished in the green on Thursday, riding over the expectations. Satyam Computer closed with a gain of 5.39 per cent at Rs 587.50 while Infosys Technologies finished up 1.54 per cent at Rs 2,538. TCS gained by around one per cent and Wipro also finished marginally up. Among the second line stocks in the sector, Patni Computers closed with a gain of 4.27 per cent, Hexaware 2.45 per cent and MphasiS BFL by 2.02 per cent. However, Polaris, Mastek, i-flex Solutions and Geometric Software were among the losers.
Aggressive selling over? The smart recovery in benchmark indices after 2.30 pm on Thursday appears to have caused an impression that aggressive basket selling is slowing down. Along with the Sensex, the BSE-100 index also witnessed a 1.24 per cent recovery from the day's low of 4,140. According to dealers, smart investors took the opportunity to buy at lower levels. Apart from IT stocks, buying was evident in counters such as Sesa Goa and Jindal Steel. Select stocks in other indices such as BSE 500, Mid-Cap and Small-Cap witnessed fresh buying. Bombay Dyeing, JK Cement, Century Enka and Indo Rama Synthetic were among the stocks that saw recovery on renewed buying.
Apollo Hospitals: Keeping cool in falling market Apollo Hospitals stock was one of the counters that have been relatively less affected by the huge institutional selling in the last few sessions. The stock on Thursday finished in the green at Rs 402.90. According to market sources, the health tourism prospects seemed to have held the stock firm. The relatively low traded volume also suggested absence of any serious selling binge. In the last one week, the stock value has receded by 3.17 per cent.
Jayanta Mallick
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