The Hindu Business Line : Metals lose sheen, IT outperforms

After two days of sideways movement, the BSE Sensex opened on a negative note and ended the day on a relatively weak note. The Sensex closed 69.43 points (or 0.53 per cent) lower at 13113.81. The weakness in the S&P CNX Nifty was much more pronounced, with a 0.85 per cent decline to 3829.65. The BSE Midcap and Smallcap indices also turned weak logging a 0.08 and 0.43 per cent decline, respectively. The advances-to-decline ratio was skewed in favour of declines, with 1,090 stocks appreciating in value, while 1,466 stocks logged declines.

Sector Focus

Among the BSE Sectoral Indices, the clear outperformer during the day was the IT sector. The other sector, which managed to buck the overall trend was auto, healthcare and consumer durables. The sectors on a losing wicket were banking, capital goods, FMCG, oil and gas and metals.

In the IT sector, the prominent gainers during the day were Infosys Technologies (ahead of its annual guidance for 2007-08 to be announced on Friday), MphasiS, i-flex Solutions, Satyam Computers and TCS.

Click here for table

In the auto space, the key gainers were Bajaj Auto, Tube Investments, Sundram Fasteners and Punjab Tractors.

Stocks from the metals pack were the biggest losers during the day. Some of the key losers were Sesa Goa, Tata Steel, Hindustan Zinc and National Aluminium and Maharashtra Seamless.

Among Nifty stocks, the key gainers during the day were Bajaj Auto, Infosys Technologies, Grasim Industries, Satyam Computers and Hindustan Lever. The prominent losers were Zee Entertainment, ONGC, Tata Steel and Maruti Udyog.

Among Nifty Junior constituents, the prominent gainers were IFCI, Bank of India, Wockhardt Pharma, Lupin and Biocon. The key losers were Indian Overseas Bank, ING Vysya Bank, Ingersoll Rand, IBP and Cadila Healthcare.

Stock Specific gainers

The share purchase agreement sealed by Jet Airways for the acquisition of Air Sahara appears to have sparked interest in the former. The Jet Airways stock appreciated by Rs 19.75 to close at Rs 628.65. The final value of the deal has been fixed at Rs 1,450 crore, with Rs 400 crore to be paid during the month and Rs 550 crore to be paid in four instalments on or before March 2008.

The Ramco Systems stock ended on a weak note, with the stock slipping by Rs 2.20 (or 1.75 per cent) to close at Rs 123.60. The company has taken a decision to divest its 100 per cent equity stake in its wholly owned subsidiary, Ramco Infotech Solutions to TVS Interconnect Systems.

The UTV Software stock appreciated by Rs 7.55 to close at Rs 308.95. The company has notified to the exchange that at its board meeting held on April 11, it has decided to transfer/assign all or any film production agreements (in which it is a party) to a wholly owned subsidiary. It proposes to list this in an overseas exchange or to a set of private investors.