The Hindu Business Line : BSE capital goods, FMCG indices record sharp gains

THOUGH Mondays are generally associated with bearish sentiments prevailing over the markets, November 28 appeared to be of a different sort. The markets opened with a bang clearly establishing the bullish sentiment that ruled the markets.

Continuing their northward journey the bellwether indices recorded sharp gains in the initial minutes of trading. The initial gains furthered the cause of the bulls to take these indices to their historic highs. Since the beginning of November the bellwether indices have shed value on only three occasions, which reflects the overwhelming bullish sentiment. The BSE Sensex has picked up 1,100 points in only this month recording a 14-per cent gain.

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The Sensex opened on a strong note, within minutes of trading the Sensex picking up pace breached the 8,950 mark. From then on the Sensex crawled its way up to touch the day's high of 9,005.63. It later ended the session with a gain of 105.9 points at 8,994.94.

Opening at 2,683.6, the S&P CNX Nifty moved on similar lines to touch the day's high of 2,717.15 points. It later closed at 2712 recording a one per cent gain.

Among sector oriented indices on the BSE capital goods, consumer durables and FMCG indices recorded sharp gains. PSU, Auto, Metal and Oil & Gas also recorded gains; while the healthcare index on a flat note.

An overwhelming bullish sentiment prevailed in the FMCG space with the advances-decline ratio at 5:2. Among the frontline that registered sharp gains were Britannia, Dabur, GlaxoSmithKline, Godrej Consumer, HLL, ITC, Marico, and Ruchi Soya. Other gainers included Agro Tech Foods, Jayshree Tea and GTC Industries.

The pharma sector ended the session on a mixed note as the BSE Health Care index closed with a 0.2 per cent gain. Failing to hold on to the initial gains the index dived into the red towards close. However, the bullish sentiment that prevailed in the market helped the index to close on a flat note. 12 stocks advanced while 15 of the index constituents declined. Glenmark Pharma, GlaxoSmithKline Pharmaceuticals, Divi's Lab and Orchid Chemicals shed more than 1 per cent. Gainers included Sun Pharmaceuticals, Wyeth, Pfizer, Novartis and Abbott India.

Major gainers among consumer durables were jewellery-oriented stocks such as Su-Raj Diamonds and Classic Diamonds. Blue Star, Fedders Llyod and, Samtel Color were among others to have recorded sharp gains.

GMM Pfaudler, Praj Industries, Siemens, Esab, Crompton Greaves, and Nelco were the top gainers in the capital goods space.

Stock-specific action

Intense activity was recorded on IVRCL's counter after its announcement of having bagged orders worth Rs 200 crore to build water supply systems and bridges. The stock closed with a 2.7 per cent gain at Rs 779.8. Earlier in the day it touched an intra day high of Rs 792.2.

About 75 lakh shares of Vikash Metal changed hands on the BSE in its debut trading. The stock opened on a firm note at Rs 23 as against the offer price of Rs 20. Profit booking on listing gains appears to have taken its toll on the stock, which closed at Rs 20.2.

Madhucon Projects opened on a positive note at Rs 945 picking up steam it touched an intra-day high of Rs 970 early in the day. Profit booking, however, appears to have moderated its gains to 1.5 per cent. A five-fold jump in volumes was recorded on its counter.

Blow Plast and VIP Industries part of the Piramal group registered sharp gains of 10 per cent. Intense activity was recorded on their counters as Blow Plast recorded a 13-fold rise in volumes while in the case of VIP Industries it was 8-fold.

Major gainers among the Nifty constituents were BHEL, HPCL and SBI. Those that declined were HCL Technologies, Oriental Bank of Commerce, MTNL, IPCL and SCI.

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