Business Daily from THE HINDU group of publications
Thursday, Sep 07, 2006
Business Daily from THE HINDU group of publications Thursday, Sep 07, 2006 |
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Markets - Outlook Columns - Sensor Nath Balakrishnan
Pointers Mid/smallcap indices close in the green Market breadth positive Simplex Infrastructure zooms 10 per cent
The Sensex may not be moving up in leaps and bounds but it made yet another small move in its quest to get to the psychologically important 12,000-point mark. On Wednesday the benchmark index rose by 28.6 points to end the day at 11,933.21, though the momentum in the pre-noon session suggested that the 12,000-mark could be breached. The Nifty gained 3.50 points to settle at 3,477.25 points. Stocks from the metals pack, apart from a few capital goods outfits, had a good run. In the first couple of hours of trading, the Sensex moved smartly to touch the day's high, which was just 16 points shy of 12,000. It started to cool off thereafter and surrendered all gains, before pulling back a bit to end marginally higher. Advances outpaced declines by a ratio of 7:5. The move on Wednesday was also a secular one, with the BSE Midcap and Smallcap indices, apart from the BSE-100/200 and 500, all ending the day in positive territory.
Index action
The biggest mover on the Sensex was L&T, which gained Rs 88 to end at Rs 2,554.55. The stock's move added 17.3 points to the Sensex. Reliance Energy was another stock that moved up on the back of its announcement on Tuesday of planned Rs 20,000-crore investment to build the largest gas-fired facility in the world. The stock rose Rs 16.15 to end at Rs 480.9. Other movers included Dr Reddy's, Bharti, Wipro, SBI and Bajaj Auto. Stocks such as ACC, Ranbaxy, BHEL, TCS, HDFC Bank and ONGC ended on the losing side.
Sector Focus
Several metals stocks had a good run, with the pack being led by Hindustan Zinc, which posted the maximum gains within the BSE Metal sectoral index. The stock gained Rs 34.70 to finish at Rs 624.55. Within the Sensex, both Hindalco and Tata Steel posted gains. Other stocks that sported good gains were Sterlite, Jindal Steel, Sesa Goa and Maharashtra Seamless. JSW Steel and Jindal Stainless were the only two stocks within the metal index to end the day in the red.
Buzzing stocks
Mirza International, which was earlier known as Mirza Tanners, was another stock that posted gains of close to 20 per cent, to close at Rs 165.95. Simplex Infrastructures moved up smartly by 10 per cent to end at Rs 1,730.6. The company has secured orders worth about Rs 250 crore to build cement plants in India and develop road infrastructure in Sri Lanka. After having been battered in recent times, the Jet Airways stock showed signs of recovery, gaining six per cent to close at Rs 590.
Other gainers/losers
Other gainers included HMT, Crompton Greaves, Sasken, Unitech, Dynamatic Technologies and Madhucon Projects. Stocks that ended on the losing side included LMW, BF Utilities, Financial Technologies, Divi's Laboratories, BEML and Wyeth.
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