Business Daily from THE HINDU group of publications
Thursday, Dec 28, 2006
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Business Daily from THE HINDU group of publications Thursday, Dec 28, 2006 ePaper |
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Stock Markets Markets - Commentary Columns - Sensor Lokeshwarri S.K.
Christmas cheer seems to have taken a firm grip of the domestic bourses. The Sensex followed up the 236 points gain of Tuesday with another 151 points rise. This was in tandem with the rest of the Asian markets, which gained on speculation that US Federal Reserve would cut rates after the pace of US holiday sales slowed.
Volumes remain weak
The Sensex and the Nifty opened with a large upward gap and managed to build on the gain as the day progressed. Though volumes in the cash markets were lacklustre, plenty of action was seen in the derivatives segment ahead of the expiry of the December contracts on Thursday. The derivatives segment on the NSE saw the turnover surging to Rs 40,561 crore. Crude oil prices dropping more than two per cent on Nymex on Tuesday due to a warm US winter too helped to boost the sentiment of the equity markets across the globe. The skirmish over fresh sanctions being imposed on Iran has been swept under the carpet, for the present. Indian rupee extended gains on Wednesday after hitting a nine-month high on Tuesday on hopes that capital inflows into the country will continue. The rally in the stock markets on Wednesday was broad-based but the gain in the second rung stocks was relatively muted. The BSE Mid-cap index closed higher by 0.81 per cent and the BSE Small cap index gained 0.50 per cent.
Bank stocks in limelight
Banking stocks hogged the limelight after SBI announced a 50 basis points rise in prime lending rates (PLR) on Tuesday. The Bank Nifty recorded a gain of 1.79 per cent. Private sector banks such as HDFC Bank with a 2.53 per cent gain and ICICI Bank with a 2.51 per cent gain were among the major Sensex gainers. Other notable gainers among the banking stocks were IndusInd Bank with a 10 per cent gain and Indian Overseas Bank with a 4.81 per cent gain. IT stocks too put up a strong showing on Wednesday. The CNX IT index gained 1.35 per cent. The gains in technology stocks can be attributed to pre-results position building by investors. Infosys Technologies gained 1.52 per cent, Satyam Computers gained 3.24 per cent and Wipro gained 1.66 per cent.
Stock Specific news
Dr Reddy's Lab has announced that the USFDA has granted the final approval for the company's Abbreviated New Drug Application for Ondansetron Hydrochloride Tablets 4mg, 8mg, 16 mg and 24 mg. The stock gained 0.67 per cent on the news. Punj Lloyd has been awarded a letter of intent by Horizon Terminals, UAE for 2,66,000 cb Phase III expansion of the bulk liquid products terminals to be performed in connection with the existing contract for construction of Bulk Liquid Products Terminal on Jurong Island, Singapore. The stock gained 2.32 per cent on the news.
Circuit hitters
Stocks that were locked in the upper circuit filter were Adani Enterprises, Flex Industries, LML, Wartsila India, Isibars, Agro Dutch Industries, Nahar Exports etc. Stocks locked in the lower circuit filter were DCM Ltd, Teledata Informatics, RPG Cables, Gulshan Sugars etc.
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