Financial Daily from THE HINDU group of publications
Thursday, Oct 20, 2005
Financial Daily from THE HINDU group of publications Thursday, Oct 20, 2005 |
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Markets
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Commentary Columns - Sensor Markets wilt under global woes and weak rupee B. Krishnakumar
THE recent carnage at the stock market was extended to Wednesday's trading as well. The weakness in the rupee and the bearish pressure across major global markets affected domestic sentiment. The BSE Sensex dropped by 151.19 points to close at 7971.06. In the process, the index has edged below the psychological 8000-point mark for the first time since September 8. The Sensex has registered a drop of about 10 per cent from the historic-high of 8799.9 (on a closing basis) ended the day at 7971.06. The S&P CNX Nifty dropped by 55.75 points to close at 2412.45. The weak trend in stocks such as ITC, ONGC, Reliance and Infosys played a key role in pulling down the indices. Reliance dropped by Rs 9.5 to Rs 747.85 and Infosys by Rs 31.15 to Rs 2,499.75. Satyam Computer, ICICI Bank and ACC were the only gainers from the set of stocks that constitute the Sensex. The gainers list was sparsely populated. The likes of Alstom, Blue Star, Crompton Greaves and Revathi CP were prominent amongst the gainers. Revathi CP was up by about 4 per cent on reports that the company has entered into an agreement with Bucyrus International Inc of the US for manufacturing and selling drilling rigs for the global market. The stock ended the day at Rs.744.75, with trading volumes of 9,519 shares. Hectic activity was witnessed in counters such as Greenply Industries, Kajaria Ceramics and Gujarat NRE Coke. Quite a few block deals were put through in these counters. At the National Stock Exchange, there were four bulk deals totalling 10.7 lakh shares in the Gujarat NRE counter. The stock dropped by 4 per cent at NSE and closed at Rs 110.75. Close to 26.7 lakh shares were transacted during the day. The share price of Blue Star registered a gain of Rs 11.35 before closing at Rs 418.85. Trading volume increased to 4,322 shares from 2,287 shares recorded on Monday. A similar trend of rise in price accompanied by increased volume was evident in Cromton Greaves as well. The stock gained Rs 22.8 to Rs 641.25. The list of losers had fair representation of stocks from automobile, fertiliser, pharmaceutical and FMCG sectors. Prominent amongst them were Tata Motors, Hindustan Lever, Indo Gulf and Cipla. After having displayed resilience in the past couple of days, the share price of Cipla wilted under bearish sentiment and dropped by 3.5 per cent on Wednesday. While most of the technology sector stocks were confined to the losers list, Satyam Computer was a prominent absentee from the list. The stock managed to inch up by Rs 4.9 to close at Rs 557.45. Satyam is holding a board meeting today to consider second quarter results.
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