Financial Daily from THE HINDU group of publications
Tuesday, Oct 05, 2004
Financial Daily from THE HINDU group of publications Tuesday, Oct 05, 2004 |
||
|
|
||
|
Markets
-
Commentary Columns - Sensor Equities sizzle on upbeat sentiment Shanthi Venkataraman
THE upbeat mood in the markets continues, with the benchmark indices soaring yet again on Monday. The BSE Sensex gained 91 points or 1.60 per cent to close at 5766.30 points. The bellwether index has gained about 4.62 per cent over last week's close. The NSE Nifty appreciated by about 31 points or 1.72 per cent. IT bluechips - Infosys, Satyam and Wipro, were in the limelight. Select stocks belonging to the cement and auto sector were in demand as well, on the back of strong September sales numbers. Trading was buoyant during the entire session. The Sensex opened strong at 5706.32 points, which was also the day's low. The 30-share benchmark index reached a high of 5785.04 points, before settling down at 5766 points. Among the shares constituting the Sensex, nine in ten shares advanced, underscoring the bullish sentiment in the market. Leading the gains were the stocks of Maruti Udyog, Reliance Energy, Gujarat Ambuja Cement, Wipro and Satyam. The stock of Maruti Udyog appreciated more than 5 per cent, building on gains of the previous week. Auto stocks are looking up as strong September sales boosted investor sentiment. Volumes of the stock surged from 18.64 lakh shares to 44.29 lakh shares. Another auto stock that was a prominent gainer was Mahindra & Mahindra, which reported a 25-per cent increase in September sales. The company's tractor sales were also higher by about 22 per cent. The stock climbed Rs 10.90 to close at Rs 451.7. The day, however, clearly belonged to the IT companies. The stocks of Satyam and Wipro gained more than 3 per cent each, to close at Rs 401.7 and Rs 628 respectively. Other tech stocks were not to be ignored. Included in the list of prominent gainers were mid-cap and small-cap stocks such as Nucleus Software, MphasiS BFL, Aztec Software, Polaris Software, iGate Global, KPIT Infosys and i-flex Solutions, to name a few. The upbeat mood could, perhaps, be attributed to the expectations of strong earnings numbers. The announcement of good cement dispatch numbers, had cement stocks attracting a fair bit of investor attention. The stock of Gujarat Ambuja rose Rs 13.65 to close at Rs 358.25. This comes on the back of the company reporting a 23-per cent rise in sales in September. The stocks of Grasim, ACC Sree Cement, Madras Cement and Birla Corporation were among those that figured in the gainers list. The stocks of aluminium companies were also on the rise, on the back of a price hike of Rs 2,500 per tonne. The stocks of Nalco and Hindalco closed higher at Rs 177.5 and Rs 1386.3 respectively. The stock of Crew B.O.S put on Rs 7.65 to close at Rs 53.25. The company has announced plans of opening an office in Hong Kong. It is also in talks with international garment manufacturers to set up factories in India. The number of shares traded zoomed from 1.1 lakh to 19.78 lakh. The stock of Maharashtra Seamless gained Rs 6.45 to close at Rs 236.10. The gains come on the back of its signing of a memorandum of understanding with Government of Orissa for setting up a 0.5 million tonne steel round billet plant in Jajpur district. The project is estimated to cost about Rs 450 crore. The stock of Aarti Drugs appreciated by Rs 12 to close at Rs 132.05. This comes on the back of the company's filing for the selling of three drugs in China. The stock of Bajaj Electricals saw some activity on the back of reports that it bagged orders worth Rs 70 crore in the past month for the supply and installation of transmission towers. The stock gained about Rs 6 to close at Rs 74.80. Other stocks that saw smart gains on Monday include Opto Circuits, Arvind Mills, Mahavir Spinning and Pantaloon Retail.
More Stories on : Commentary | Stock Markets | Sensor
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|