Financial Daily from THE HINDU group of publications
Tuesday, Apr 11, 2006
Financial Daily from THE HINDU group of publications Tuesday, Apr 11, 2006 |
|
|
|
|
|
|
|
Home Page
-
Stock Markets Markets - Commentary Columns - Sensor Alagappan Arunachalam
Trading Highlights Metal stocks march at a scorching pace with many small-cap stocks recording sharp gains Sharp rise in volumes recorded in cement stocks Negative sentiment prevails in the banking sector
Markets continued to witness volatility. After opening on a strong note the bellwether indices dillydallied in the red and green to finally close with gains. Though most indices closed with gains, a mixed sentiment could be gauged with the advances-ratio nearly evened out between the gainers and losers.
Buzzing stocks
Metal stocks along with jewellery stocks hogged the limelight. Madras Aluminium, Sterlite Industries and Rajesh Exports were among the hot favourites. MTNL, Himachal Futuristic, Shivalik Global and IFCI also shared the limelight.
Sector watch
Widespread gains were registered in the steel space, as it appeared to have found favour with the bulls on the back of recent hikes in steel prices. JSW Steel was among the notable gainers accompanied by a two-fold rise in volumes the stock registered a sharp rise. Other prominent gainers in the steel sector included Essar Steel, Jindal Stainless, Jindal Steel, SAIL, Tata Sponge, Tata Steel and Uttam Galva. Small-cap stocks such as National Steel Agro and Lloyds Steel also closed with smart gains. Cement was another hot sector on Monday; intense activity was recorded on large cement stocks. Leading the pack was Madras Cements with eight per cent gain; other prominent gainers included ACC, Gujarat Ambuja, India Cements, Mangalam Cement, Mysore Cements and Prism Cement. Birla Corporation and Chettinad Cement bucked the trend. A negative sentiment prevailed in the banking sector with many stocks closing in the red. The pension deal with SBI employees appears to have taken its toll on the public sector banks. Most of the public sector banks closed in the red; stocks such as Dena Bank, SBI, Oriental Bank of Commerce, Union Bank, Vijaya Bank, Andhra Bank and Union Bank were among the prominent losers. Private banks also succumbed to the bearish onslaught, top losers in this space included Bank of Rajasthan, ING Vysya Bank, Yes Bank, Centurion Bank and Federal Bank.
Event-specific action
Satyam Computer snapped its losing streak after announcements that it plans to come out with a bonus offer. Intense buying activity was recorded with about 22 lakh shares changing hands, the stock closed with a 2-per cent gain. Buying activity was also recorded in Cranes Software, after announcements that the company had completed the acquisition of the US operations of Engineering Mechanics Research Corporation. The stock closed higher by 3.5 per cent on the back of a 4-fold rise in volumes.
Stock-specific action
GTC Industries continued its northward march extending its gaining streak into the ninth straight day. A strong bullish sentiment prevailed on its counter with the stock touching the upper circuit filter of 10-per cent in the early part of the day. Navin Fluorine appears to be the hot favourite in the small-cap space; the stock hit the upper circuit filter for the eight consecutive day.
New Listing
Uttam Sugar Mills made a smart debut on the BSE with about 49-lakh shares changing hands. Within an hour the stock closed touched the day's high of Rs 453, the stock later closed with a 23-per cent gain against the offer price of Rs 340.
More Stories on : Stock Markets | Commentary | Sensor
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 | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2006, 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
|