Business Daily from THE HINDU group of publications
Wednesday, Jul 26, 2006
Business Daily from THE HINDU group of publications Wednesday, Jul 26, 2006 |
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Stock Markets Markets - Commentary Columns - Sensor Vidya Bala
Pointers Advancing stocks outnumber declines Banking and cement stocks lead the rally Strong earnings' numbers boost sentiments
Markets on Tuesday, found a little reason to use the lately beaten down noun - volatility. The day's trade opened on a positive note and stayed that way throughout the session. Advancing stocks outnumbered the declining ones by a ratio of 2.5:1. Stocks from the cement and financial services led the pack of gainers. Asian indices, which closed on a positive note, also brought about optimism in the domestic market. The RBI's hike of short-term lending rates did not appear to cause much concern, as the central bank's announcements of brightened prospects on the country's GDP growth were well-received by the market. Sentiment of FIIs also appeared to have improved at the start of this week, although caution was evident. Overseas investors were net buyers to the tune of Rs 31.5 crore on Monday.
Buzzing stocks
Among the BSE 30 (Sensex), ICICI Bank gained 5.1 per cent to Rs 541.1. Reliance Industries also contributed to the upward trend in the bellwether index. A number of stocks from the engineering space hit the upper circuit filter. Areva, Lakshmi Machine Works, Jyoti Structure and Sadbhav Engineering were notable among them. Stocks such as IDFC, India Cements, Ashok Leyland and SAIL witnessed a smart rally on the back of huge volumes.
Sector focus
The banking space continued with its magical rally for the second consecutive day with the BSE Bankex gaining as much as 4 per cent. UTI Bank, Union bank of India, HDFC Bank and Karnataka Bank surged in the range of 5 to 7 per cent. Cement stocks were on a firm foundation as front line and second rung stocks in the space, moved northwards. Grasim Industries, Associated Cement and Gujarat Ambuja Cement joined the bull run. Shree Cements, Prism Cement and Mangalam Cements also closed on a positive note. UltraTech Cement hogged the limelight after it reported a Rs 211-crore profit in the June quarter. The stock surged 5 per cent to close at Rs 651.9. FMCG stocks appeared to be a mixed bag. ITC and Britannia closed weak shedding 0.5 per cent and 0.3 per cent respectively. Hindustan Lever and Colgate-Palmolive, however, added 2.5-3 per cent to end on a positive note.
Stock-specific action
Zee Telefilms declined by 1.6 per cent to Rs 245.7 after the group's profits for the first-quarter declined 28 per cent. Marico added Rs 14.8 to Rs 458.9 after profits for the quarter rose 42 per cent on a year-on-year basis. Bongaigaon Refinery & Petrochemicals jumped 12 per cent to Rs 49.9. The unit of Indian Oil Corporation announced a 19 per cent rise in profits for the June quarter. Tata Steel added 3.3 per cent on the back of reports that the domestic steel major plans to set up a special economic zone in Orissa and also enter into a joint venture for shipping business. India Infoline, Deccan Aviation, Voltas, Kirloskar Brothers and Unity Infraprojects were significant gainers among stocks that trade at the NSE. Mahindra Ugine Steel, Asian Electronics, Dhampur Sugar Mills, Gateway Distriparks and Rain Calcining were conspicuous losers.
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