Business Daily from THE HINDU group of publications
Friday, May 04, 2007
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Business Daily from THE HINDU group of publications Friday, May 04, 2007 ePaper |
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Stock Markets Markets - Stocks Jayanta Mallick
Kolkata May 3 Are mid-and small-cap stocks trying to outperform the heavyweights? According to market analysts, it is too early to identify a trend. But as the blue chips traverse within in fair-value range and stay in the nearly overbought zone, a number of investment managers are searching for long-term opportunities small- and medium-cap companies with quality management and market liquidity. Today, the 100-share CNX mid-cap index outperformed the 50-share Nifty. The CNX mid-cap index improved by 1.76 per cent compared to a Nifty gain of 1.54 per cent. The 278-stock BSE-mid cap index moved up 1.22 per cent, but could not beat the 30-share bellwether Sensex, which closed up 1.48 per cent. In terms of advance-decline ratio of 23:6, the Sensex basket performed better than the BSE mid-cap basket (188:87). Among the mid-cap stocks, Gujarat Mineral Development Corp surged 20 per cent today to close at Rs 637. Among the others, the major gainers were Gujarat Gas (8.77%), Areva (8.7%), IBP (8%), Alstom Project (7.65%), Bank of Maharashtra (6.75%), Chennai Petrochem (5%), Deccan Aviation (5%) and 3M India (5%). However, in the last one month, the BSE mid-cap index moved up 12.03 per cent against Sensex rise of 11.52 per cent. Interestingly, both the Sensex and BSE mid-cap index had seen their 52-week low on June 14, 2006. The two indices witnessed their one-year peaks in February this year, but on two close-by dates. The Sensex had reached its highest point of 14,724 points on February 9. Two days earlier, the BSE mid-cap index had achieved its record at 6,229 points. Today, it closed at 5,818 points. In comparison, the 487-share strong BSE-small cap index fared poorly. Today, it finished with a gain of 0.98 per cent despite showing a better advance-decline ratio of 304 to 167. But in the past one month, this index also performed better than the Sensex, registering an improvement of 11.73 per cent. Incidentally, this index had shown a clear divergence in terms of its peaking time in the last one year. Its 52-week high was seen in May 11, 2006. In the last one week, it has moved up 0.53 per cent against 1.35 per cent improvement in BSE Mid-cap, but 1.06 per cent decline in the Sensex. Among the small-cap stocks, the top gainer was TRF 17 per cent, followed by SISCO (10%), Zenith Info (9.28%), Whirlpool (7.32%) and Voltamp Transformers (5.22%).
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