Business Daily from THE HINDU group of publications
Wednesday, Sep 12, 2007
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Business Daily from THE HINDU group of publications Wednesday, Sep 12, 2007 ePaper |
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Stock Markets Markets - Stocks
K.S. Badri Narayanan Chennai, Sept. 11 Ninety stocks have registered their new highs on BSE on Tuesday, thanks to the bull rally. In the rising market, stocks from mid- and small-cap segments generally tend to get hyper-active. But this time around, quite a few of the A-group stocks have also registered new peaks. Among them are Reliance Industries, Reliance Energy, SAIL, NTPC, HDFC, IFCI and IDBI. Five out of 30 Sensex stocks have hit their new peaks on Tuesday and about 10 stocks are within striking distance of their new peaks, which they have registered recently. Quite interestingly, many of these stocks were ruling below par in 2001. Famous among them is SAIL, whose share was trading at Rs 6.45 on January 1, 2001, thus generating a whopping return of 2,616 per cent. During the period, the BSE Sensex generated 296 per cent returns. Information technology and auto, the strong sectors of the Indian stock market, are amongst the few sectors that are away from their 52-week highs. According to market observers, this time around the rally was widespread helping stocks from various sectors to attain new heights. With the entry of private equity funds, who are willing to take more risk, interest is being seen in nascent sectors with good growth potential. The fact that the Indian economy is driven by domestic consumption makes it relatively insulated from the upheavals in the US economy and can be used by these funds for diversifying risk. However, market participants concur that the investors should stick to quality while picking stocks in the current market.
Related Stories: Oil PSU stocks flare up Cement stocks getting stronger Capital goods stocks hog the limelight Bank stocks jump ahead of credit policy Steel stocks up on price hike hopes More Stories on : Stock Markets | Stocks
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