The Hindu Business Line : Sweet run continues for Sensex

The buoyancy in the market never seems to end. It has crossed 11,000 and is still going strong to close at yet another all-time high of 11,183. Among sectoral themes, it was yet another sweet day for sugar stocks. Among news specific triggers, Ranbaxy acquiring a Romania based company Terapia was the big deal of the day and sent the stock up three per cent.

Sector focus

After a brief lull, sugar stocks resumed the upward movement. Sugar stocks across the board rallied ahead with huge surge in volumes. Most sugar stocks gained in excess of 5 per cent. KM Sugar Mills and DCM Shriram gained in excess of 10 per cent. There was also a stock-specific trigger within the sugar sector. Dwarikesh sugar is planning to set up an additional 24 MW cogen capacity and Balrampur Chini is acquiring a sugar unit and cogen plant from Dhampur Sugar.

Select stocks from the capital goods sector such as Ador Welding, Esab India, Elgi Equipments, Greaves Cotton, Gujarat Apollo and Sanghvi Movers witnessed a buying interest. Menon Pistons was an offbeat low profile stock from the sector that moved up sharply. Elgi Equipments too was a surprise mover gaining 10 per cent.

Frontline stocks from the power equipment sector such as ABB, Siemens and BHEL cooled off a bit. However, mid cap stocks catering to the power sector such as Emco, Bharat Bijlee and the recently listed Indo Tech Transformers were buzzing.

Buzzing stocks

The big mover among mid cap stocks was Bharat Gears. The stock touched the upper circuit filter and closed up 16 per cent up for the day. Super Tannery, Repro India, Rajastan Spinning, ETC Networks, KM Sugar Mills, Jindal Drilling, Vesuvius, Bharat Gears, Flex Industries, Granules India, Solectron Centum and VSNL were some of the other buzzing stocks. These stocks recorded substantial gains backed by good pick up in volumes.

NDTV was up 6.7 per cent on news that the company has formed an alliance with Genpact to offer media outsourcing services to enterprises worldwide.

Rajesh Exports was up sharply. The stock has been inching up gradually since the company announced its retail plans and the acquisition of Oysterbay. The recently listed Gitanjali Gems too recovered after taking a hit on listing.

IVRCL went ex-stock split and settled marginally lower. The stock has been on a steady uptrend over the past few days post the stock split announcement.

Jindal Drilling was in the wanted list on news that the company is planning to acquire a second rig.

Losers

SAIL figured among the top losers for the day. Banking stocks were out of favour. Prominent losers among banking stocks were Corporation Bank, J&K Bank, IndusInd Bank, Syndicate Bank and Bank of Baroda. Ramco systems, Sterling Biotech, Hexaware Technologies, Balaji Telefilms and Bongaigaon Refineries were some of the other losers.