Financial Daily from THE HINDU group of publications
Wednesday, Mar 15, 2006
Financial Daily from THE HINDU group of publications Wednesday, Mar 15, 2006 |
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Stock Markets Markets - Commentary Columns - Sensor Selling pressure brings Sensex to previous level Shanthi Venkataraman
Trading highlights Market breadth negative Both large, mid-cap stocks witness selling pressure Banking, FMCGs steal the limelight
It was an eventful day in the markets on Tuesday. After strong buying pushed the Sensex to an all-time high, just short of 10,900, heavy selling pressure brought the index almost back to its previous closing level. The breadth of the market by the end of the day was negative, with 60 per cent of the total stocks traded on the BSE declining. Both large-cap and mid-caps came under selling pressure. Markets, however, did manage to give a thumbs-up to banking and FMCG stocks.
Buzzing stocks
Reliance Natural Resources, among the newly listed stocks of the Anil Ambani Group, continues its relentless rise, gaining another 10 per cent. Sakuma Exports, after a poor show on its listing debut, had its day in the spotlight. The stock rose 14 per cent. GE Shipping, Shriram Transport, GHCL and Bajaj Auto were some of the prominent stocks that hit their 52-week highs. Recently listed companies such as Celebrity Fashions and Everest Kanto Cylinders witnessed a huge surge in volumes. Other stocks that gained include TTK Prestige, Oswal Chemicals and Fertilizers, Havell's India, Essel Propack and McDowell.
Sector watch
Banking stocks were in the limelight. SBI, Karnataka Bank and ICICI Bank were among the prominent gainers. UTI Bank witnessed a rare jump in its stock price, recording a six per cent gain. FMCG stocks were also in favour. So much so that the stocks of HLL, Dabur and Marico were among those that hit their 52-week highs. Godrej Consumer and Nirma were also in the gainers list. Sugar stocks such as Balrampur Chini, Andhra Sugars, Bajaj Hindusthan, KCP Sugars and Shree Renuka Sugars came under a wave of profit booking. It was not a good day for metal and IT stocks, either. Hindustan Zinc, Hindalco, Sesa Goa, SAIL, NALCO, JSW Steel and Maharashtra Seamless all ended the day in the red. The trend was more mixed for technology stocks. While frontline companies such as Satyam, TCS and Wipro closed lower, HCL Infosys, Hexaware and Moser Baer ended the day stronger.
Event-specific action
Tata Coffee rose two per cent, following the announcement of a rights offer of two equity shares for every five held. Nilkamal Plastics gained five per cent, after it announced a 50:50 joint venture with a German company for manufacture and sale of material handling products and racking and shelving systems in India. It closed at Rs 204.05 Suzlon Energy announced plans to set up a wind turbine generator manufacturing facility in China to cater to that country's energy needs. The stock, however, declined about two per cent.
Key losers
Several stocks that have enjoyed fervent investor interest in recent days also took a day to cool off. Included in this list are the frequent favourites ABB and Siemens, Pantaloon Retail, 3M India, Indian Hotels and Bombay Dyeing. The stocks of Ramco Systems, Finolex Cables, GTL, Grindwell Norton, Nagarjuna Construction and KEC Infrastructure were some of the other prominent losers.
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