Financial Daily from THE HINDU group of publications
Friday, Sep 09, 2005
Financial Daily from THE HINDU group of publications Friday, Sep 09, 2005 |
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Markets
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Stock Markets Columns - Sensor Index heavyweights lead Sensex rally Shanthi Venkataraman
NOTHING came in the way of the bulls on Thursday, the day after Ganesh Chathurthi, not even the words of caution from analysts of prominent foreign brokerages who believe that current valuations in the market are stretched. The markets went on to breach yet another psychological level, with the Sensex settling well above the 8,000-mark at 8052. 56 points, up 1.33 per cent or 105.8 points over its previous close. The Nifty appreciated by 1.06 per cent to 2454.5 points. Money continues to pour in from all quarters. Overseas investors continued to purchase more than they sold, according to the latest data from SEBI. Action was, however, to a greater extent, limited to large-cap stocks, while mid-cap and small-cap stocks remained more subdued. The rally was across-the-board, although banking, auto, IT and oil stocks found special favour with investors. The Sensex opened on a positive note. It proceeded in the upward direction for the rest of the trading session, closing less than ten points from its intra-day high of 8060. Leading the gains were the stocks of Infosys, ICICI Bank, HDFC, Reliance and Bajaj Auto. The stock of Infosys rose by Rs 58 to close at Rs 2,421.90; 22 out of the 30 stocks constituting the benchmark index gained. Large-cap stocks such as Bajaj Auto, Hero Honda, Bharti Tele-Ventures, ACC, Indian Hotels touched their 52-week highs. In contrast, mid-cap stocks put on modest gains. The BSE MIDCAP and BSESML Cap gained 0.71 per cent and 0.86 per cent respectively. Among the sector indices, the BSE Bankex, BSE IT, BSE Auto and BSE Oil and Gas Indices were the prominent gainers. Oil stocks continue to show mixed trends following the hike in diesel and petrol prices and the Government's move to issue oil bonds to offset losses. BPCL, ONGC, Kochi Refineries and Petronet LNG rose on Thursday, while MRPL, Chennai Petroleum and IOC remained flat. Some of the smaller sectors also featured in the gainers list. Tea stocks for instance were in favour, as tea prices begin to firm up. The stock of McLeod Russel, Williamson Tea, Jayshree Tea were among the major gainers, with the stock of McLeod Russel surging nearly 16 per cent to Rs 85.8. The stock of Tata Tea also ended the day higher at Rs 847.5, up Rs 16.2 from its previous closing. Hotel stocks remain appealing to investors, as room rates and occupancy rates continue to remain at high levels and are expected to trend upwards. The stock of Indian Hotels, Hotel Leela Ventures and Taj GVK were the major gainers; the first two touched their 52-week highs during the day's session. Some of the second and third-rung stocks also attracted attention. The stocks of Jaypee Hotels, Blue Coast Hotel and Oriental Hotels also gained. Retailing stocks Pantaloon and Trent gained smartly, closing higher by Rs 142.85 and Rs 29.6 at Rs 1,856.8 and Rs 885.9 respectively. Both have been in the news lately, with Trent having taken over book retailer Landmark and Pantaloon entering a joint venture with Liberty Shoes for shoe retailing. The stock of Liberty Shoes itself rose by five per cent, its upper circuit limit and closed at Rs 419.55. Other gainers include the stock of Himatsingka Seide appreciated by Rs 20 to close at Rs 600.8, after its board approved a two-to-one stock spilt and a bonus issue of one share for every share held. The company also increased its FII limit from 24 per cent to 40 per cent and is to issue shares or bonds overseas to fund its expansion plans. Stocks that ended the day in the red on Thursday include Scandent Solutions, Hyderabad Industries, Hindustan Construction, Cyber Media, Britannia and Crompton Greaves to name a few.
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