Business Daily from THE HINDU group of publications
Saturday, Jul 29, 2006
Business Daily from THE HINDU group of publications Saturday, Jul 29, 2006 |
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Stock Markets Markets - Commentary Columns - Sensor Alagappan Arunachalam
Pointers Mixed trend: mid-cap and small cap register gains Advances-declines ratio at 11: 9 FIIs continue their buying spree albeit at a lower pace
Despite a strong opening, the markets failed to extend their gaining streak. With a negative sentiment prevailing in the oil & gas and IT space, the markets zigzagged their way into the red. ONGC, Reliance Industries, Bharti Airtel and Tata Motors contributed to a large part of the declines in the benchmark indices. Despite higher volumes of about Rs 6,000 crore on the NSE, the markets failed to make any headway into either territory. Both the bears and bulls appeared to have shared the spoils of Friday's trading as a fair share of the sector-oriented indices declined. The mid-cap and small cap space outperformed the frontline stocks as the respective indices register gains.
Buzzing Stocks
Quite a few mid-cap and small-cap stocks were in the limelight. About 75 lakh shares of GV Films changed hands on the BSE. Others that shared the limelight included McLeod Russell, India Cements, Century Textiles, Syndicate Bank and Essar Oil.
Sector Watch
Banking stocks were conspicuous gainers on Friday. The banking sector-oriented index extended its gaining streak into the fifth straight day, helped by significant gains in the public sector space. Frontline stocks in the private space kept a low profile with ICICI Bank shedding value while Kotak Mahindra and HDFC Bank gained 1.4 and 1 per cent, respectively. Among second-rung stocks in the banking space, ING Vysya Bank and Bank of Rajasthan registered sharp gains. A similar trend prevailed in the public sector space; Dena Bank and Bank of Baroda were up significantly. Strong earnings announcements by Andhra Bank and Jammu Kashmir Bank appeared to have propelled these stocks up by about 9 per cent each. The BSE IT Index snapped its gaining streak by shedding about 1.4 per cent. Declines of about 1.5 per cent in Wipro and Infosys and a 1 per cent decline in Satyam contributed to a large part of the declines. TCS, which went ex-bonus, was in for some correction as the stock declined about 2 per cent. Negative sentiment that prevailed in the frontline stocks appeared to have crept into the mid-cap and small cap-space. Prithvi Information Solutions, Financial Technologies, Allsec Technologies, Patni Computers and Kale Consultants shed about 3 per cent each. The auto sector-oriented index on the BSE also snapped its northward rally, shedding about 1.5 per cent; the trend was however mixed. In the two-wheeler space, while Bajaj Auto shed about 3 per cent, TVS Motors and Hero Honda gained. Maruti, Mahindra & Mahindra and Tata Motors were among the losers in the four-wheeler space. Hindustan Motors, in contrast, gained about 1 per cent. A similar picture also prevailed in the ancillary space with Bharat Forge, FAG Bearings and Sundaram Clayton making significant advances. MICO and Sundram Fasteners, however, shed value.
Event-specific action
Shipping Corporation, which announced a 33 per cent decline in earnings at Rs 182 crore, was in for some selling pressure. The company also reported a 2 per cent dip in revenue.Volumes on its counter registered a four-fold rise to about 1.2 lakh shares. Selling pressure, however, appeared to be weak as the stock remained within a narrow band. MTNL, which also reported lower earnings, also faced selling pressure. The stock shed about 3 per cent on a 50 per cent rise in volumes.
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