Business Daily from THE HINDU group of publications
Friday, Sep 08, 2006
Business Daily from THE HINDU group of publications Friday, Sep 08, 2006 |
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Markets - Commentary Columns - Sensor Srividhya Sivakumar
Pointers Autos surge FIIs turn net sellers Crude oil price at three-and-half month low
It was yet another day of anxiety and apprehension on the Street, with the Sensex inching towards the psychological 12,000-point mark during early trades. However, profit booking and selling pressure at higher levels kept it from reaching the much-awaited 12k level. Weak global markets also dampened sentiment on the domesticbourses. The day when most of the stocks across the market witnessed selling and profit booking, selective buying in auto and metals helped contain the downside. The fall in global crude oil price brought some respite to the markets. Market breadth remained neutral, with one stock advancing for every declining one. However, foreign investors turned net sellers to the tune of Rs 89.10 crore.
Buzzing Stocks
Jet Airways surged 12 per cent on the back of falling crude oil prices. The company launched direct Delhi-Singapore flights on Thursday. Century Textiles rose 6.97 per cent; United Western Bank surged 9.77 per cent on restructuring plans and IndusInd Bank surged 6 per cent on higher volumes. Other counters to post gains were FAG Bearings and IL&FS Investmart, which rose 5.5 per cent and 6.67 per cent respectively. Among the chemicals pack, GHCL lost 3.8 per cent; Hikal lost 8.5 per cent to close at Rs 337. In the capital goods space, KEC Infra surged 4.7 per cent and SKF Bearings gained 2.63 per cent.
Sector Focus
Auto and Auto ancillary stocks witnessed buying. Amtek Auto surged 4 per cent, Exide Industries gained 7.78 per cent and TVS Motor gained 5.59 per cent. The other stocks to gain in this space were Maruti, Elgitread and Asahi Glass. Stocks in the tractor space also posted gains. Eicher and Punjab Tractors clocked gains. The considerable fall in crude oil prices from its all time high of $78 barrel, raised hopes that the Government will not raise domestic fuel price further. Oil & gas companies' stocks saw selling across board. Indian Oil Corporation lost 3 per cent; HPCL and BPCL lost close to 2 per cent each. Index heavyweight Reliance Industries lost 1 per cent for the day. The banks witnessed a bout of selling too. Most of the banking stocks closed in the red. However, IndusInd Bank rose 6 per cent and Bank of Baroda gained 2.33 per cent. The BSE metal index closed with a paltry gain. Hindustan Zinc gained 2.55 per cent; Jindal Steel & Power surged 3.29 per cent and SAIL gained 2.79 per cent.
Stock-specific action
La Opala gained 3.15 per cent after it fixed September 26th as the record date for the issue of bonus shares. The company had earlier announced a 1:1 bonus issue. Rajesh Exports surged 2.42 per cent on news that it had bagged an order worth Rs 195 crore from Lazorde Jewellery, Kuwait. Adlabs Films rose 1.45 per cent after it signed Letter of Intent to acquire majority stake in Synergy Communications.
Gainers and losers
The other gainers for the day were Videocon Appliances, Surana Telecom, Cyber Media, Shivalik Global, Birla VXL and Elnet Technologies. The stocks that moved southwards were Jaiprakash Associates, Finolex Cables, Praj Industries, Kalyani Forge and Sita Enterprises.
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