Business Daily from THE HINDU group of publications
Friday, Apr 06, 2007
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Business Daily from THE HINDU group of publications Friday, Apr 06, 2007 ePaper |
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Stock Markets Markets - Commentary Columns - Sensor Lokeshwarri S. K.
Markets opened on a cautious note on Thursday after the strong gains recorded in the previous sessions. But bargain hunting at lower levels supported the stock prices and helped the Sensex and the Nifty to close with a half per cent gain. Investors seemed wary of making fresh purchases ahead of the long weekend. The key wholesale price index remaining near the upper band at 6.39 per cent also dampened the market's sentiment as it kept alive the fears of further tightening by the Reserve Bank of India. Interest rates and inflation were the themes that were playing in the other global equity markets too. China's decision to hike reserve ratio by another 0.5 per cent, the sixth time in less than a year, is expected to renew worries about a slowdown in China affecting the growth of other economies. Bank of England kept the bank rate steady at 5.25 per cent in its monetary policy committee meeting on Thursday. Lower gasoline inventory in US kept the Nymex crude prices steady above the $64 mark. Base metals continued their strong run. Nickel hit an all-time high for the third consecutive session on LME. Base metal stocks in the Indian market too closed in the green. Hindustan Zinc gained 4.7 per cent. Hindalco and Nalco gained over 1 per cent. Market breadth on BSE was positive with two advancing issues to every declining issue. The BSE small-cap index gained over 1 per cent while the BSE mid-cap index gained 0.8 per cent. Volume continued to be subdued as has been the trend since the beginning of the week. Bank Nifty closed with a 1.9 per cent gain. Front-line financial stocks such as ICICI Bank, HDFC Bank, HDFC and State Bank of India were among the major gainers in the Sensex basket. Other second-rung banks such as Union Bank, Federal Bank, Oriental Bank of Commerce, Bank of Baroda and Syndicate Bank too recorded strong gains. The other sector that saw some bottom fishing was cement. Grasim closed with a gain of 2.4 per cent while Gujarat Ambuja Cement and ACC gained 1 per cent. Tata Steel was the top gainer in the Sensex with a 6 per cent gain. IFCI gained 10 per cent to close at Rs. 31.75. The news that the company had received the sale proceeds for its stake of 5.25 per cent in the National Stock Exchange of India apparently buoyed the sentiment on this counter. Lupin has sold certain patent applications and related intellectual property for a hypertension drug, Perindopril, to French firm Laboratories Servir for Rs 115.31 crore. The stock closed with a gain of 3 per cent. NTPC shed some weight and closed 1.37 per cent lower after announcing a 15.57 per cent jump in net profits for 2006-07. Stocks that closed at the upper circuit included Gujarat Flurochemicals, LML, Mangalam Cement, Chemplast Sanmar and Thiru Arooran Sugars. Stocks that made a new high included IOL Broadband, Aban Offshore, Educomp Solutions and Patni Computers, I-Flex and Gujarat Mineral Development Corporation.
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