Financial Daily from THE HINDU group of publications
Friday, Nov 11, 2005
Financial Daily from THE HINDU group of publications Friday, Nov 11, 2005 |
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Markets
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Commentary Columns - Sensor Sensex ends flat after a choppy session Vidya Bala
MARKETS ended on a flat note on Thursday after a session marked by volatility. The Sensex closed flat at 8308.9. S&P CNX Nifty managed to close with a gain of 11.6 points or 0.5 per cent. The Sensex ruled weak for most part of the day but managed to recover from an intra-day low of 8265.2, after buying interest crept towards close of session. The market breath was positive with advances outpacing the losers in the ratio of 1.2:1. Continued buying by the FIIs failed to pull the markets from the cautious sentiment that prevailed. FIIs were net buyers to the tune of Rs 609 crore on November 8. Leading the list of gainers among the heavy weights was Hindalco. The stock rose 5.5 per cent to Rs 130.5. The company plans to come up with a rights offer with a ratio of one equity share for every four shares held. BHEL, ONGC and Infosys also ended the day on positive turf. Bajaj Auto was the top loser among the basket of BSE 30 (Sensex). The stock lost 2 per cent to Rs 1,801.4. Hindustan Lever, Dr Reddy's Laboratories and HDFC also closed in the red. At the BSE, select mid cap and small cap stocks appeared to have re-kindled the interest of the markets. The BSE midcap and smallcap indices gained about 0.6 per cent. Cranes Software, Gateway Distriparks, Reliance Capital and Bata recorded smart gains. HMT was a conspicuous loser in the mid cap space. The stock declined by 5.9 per cent after it recorded a loss for the quarter ended September. Refinery stocks got a lift after the US crude oil for December delivery fell 1 per cent. IOC rose 3.2 per cent to Rs 486. Bharat Petroleum and Hindustan Petroleum followed suite. Metal stocks were in action as reflected by a 1.1 per cent gain in the BSE Metal index. NALCO, Tata Steel and JSW Steel closed in the green. Tata Steel plans to enter into a 50:50 joint venture in India with the Australia-based BlueScope Steel. Capital goods stocks ruled firm on Thursday. ABB made smart gains of 5.8 per cent. Crompton Greaves, Siemens and Astra Microwave took part on the northward journey. Proctor & Gamble was a conspicuous loser in the FMCG sector. The stock slipped 4.3 per cent. ITC and Shaw Wallace also ended on a weak note. Nestle, Nirma and McDowell weathered challenges and closed with gains. It was yet another day of lack-lustre performance by banking stocks. Andhra Bank, Union Bank of India and Canara Bank were raided by the bears. Indian Overseas Bank, Kotak Mahindra Bank and Allahabad Bank, however, managed to make gains nearing 1 per cent each. Tech stocks closed in the green. The CNX IT was up 0.9 per cent. Polaris, i-Flex Solutions, TCS and Mastek made gains. Satyam Computer Services was in the limelight towards close of trading after it announced divestment of its complete stake in Sify to Infinity Capital ventures LP for $62.6 million (Rs 280 crore). The company has also entered into an understanding with Microsoft, China, to develop an enterprise solutions market in Greater China.
Stock specific action
HCL Technologies gained 1.5 per cent to Rs 462.7 after the company won an order valued at more than $50 million (Rs 230 crore) from the California-based Autodesk to manage data centres and develop software. Ranbaxy Laboratories made a marginal gain of 0.6 per cent to Rs 376.1. The stock rose after a court in Norway ruled that the company did not infringe a process patent held by Pfizer. Tata Chemicals, GAIL, IBP and Biocon were prominent gainers among the Nifty constituents. Associated Cement Company, Ashok Leyland, Corporation Bank and Nicholas Piramal ended as key losers.
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