Financial Daily from THE HINDU group of publications
Tuesday, Nov 08, 2005
Financial Daily from THE HINDU group of publications Tuesday, Nov 08, 2005 |
|
|
|
|
|
|
|
Markets
-
Stock Markets Columns - Sensor Across-the-board buying lifts Sensex Radhika Kamath
MARKETS continued their winning streak for the fourth consecutive session and witnessed a smart rally. While the benchmark Sensex closed with a gain of 134.1 points, the S&P CNX nifty gained 42.6 points. On Monday, the markets opened on a firm note amidst widespread buying across the counters of Reliance and Infosys. There was across-the-board buying throughout the session, which propelled the markets to higher levels. Buying interest was more pronounced across the mid-cap and small-cap counters, which recorded significant, rise in prices. HMT was a biggest gainer whose stock flared by 16.2 per cent. Others that closely followed included the likes of Scandent Solutions, Dishman Pharma, Dhampur Sugar, Jindal Stainless, Essel Propack and Mukand. Small-cap stocks, after being battered severely over the past one month, surged sharply on the back of strong buying interest. Stocks of ITI, Ennore Foundaries, Amforge Industries, MRO-Tek and Mahindra Ugine jumped up sharply. Good monthly sales numbers announced by automobile companies along with fresh buying by FIIs appears to have triggered the market's rally. The bullish sentiment was widespread, which was reflected in the advances to decline ratio at 4.1. The Sensex, which shed over 1,000 points last month, closed the day at 8206.8,up 1.7 per cent. The Nifty ended the day at 2461.6,up 1.8 per cent. There was active buying across sectoral stocks that helped the indices record smart gains. Stocks from IT, pharma, energy, capital goods, construction, auto, consumer durables and metals sector took active participation in the rally. Frontline IT stocks gathered momentum and moved upwards. TCS, Satyam, Wipro and Infosys moved up on the back of renewed buying interest. Mid-cap counters too were buzzing with activity as investors exhibited bullish sentiment. Four Soft, iGate Global, Rolta India, Polaris, Allsec Technologies and Sonata Software notched up significant gains. Buoyed by impressive sales results for October, auto stocks jumped up. Maruti was up 3.7 per cent after its October sales rose 4.3 per cent. TVS Motors, whose sales increased by 15 per cent saw its stock move up by 6.8 per cent. Bajaj Auto, M&M, Hindustan Motors, Hero Honda, LML, MRF and CEAT also netted off handsome gains. Capital goods sector drew widespread interest from investors. BHEL, the country's biggest maker of power equipment rose 4.7 per cent on reports that it had won an order worth Rs 130 crore from Indian Oil Corporation. Others that closely followed were KSB Pumps, Amforge Industries, Thermax, and ABB. Aided by fresh buying interest, metal stocks regained a part of their lost sheen. Jindal Steel and Power, Madras Aluminium, National Aluminium, Hindalco, Tata Steel, Ispat and Kalyani Steel recorded respectable gains. Banking sector stocks, however, failed to pull off significant gains as most of them ended marginally higher. Federal Bank closed 1.5 per cent higher after the bank ended the merger talks with Lord Krishna Bank. Kotak Bank, HDFC Bank, SBI, Allahabad Bank, ICICI Bank and Canara Bank recorded marginal gains. A good number of stocks in the pharmaceutical sector had a fine outing. Ranbaxy Lab surged 5.7 per cent after the it received the approval from the FDA for selling its anti-cholesterol drug in the US. Dishman Pharma, Dr Reddy's, Matrix Lab, Cipla, Dabur Pharma and Venus Remedies ended with notable gains. Frontline cement stocks of the likes of ACC and Gujarat Ambuja failed to put on a concrete performance. IndiaCements, Prism Cement and Grasim, however, managed to buck the trend. Other notable gainers on the nifty included the likes of Arvind Mills, Berger Paints, Era Constructions, Hindustan Constructions, Monsanto, Taj GVK Hotel, Titan and Gujarat NRE Coke. A few of them that made it to the losers' pack included Elgi Equipment, Container Corp, Glenmark Pharma, Kirloskar Brothers and Sundaram Clayton.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
