Financial Daily from THE HINDU group of publications
Sunday, May 23, 2004
Financial Daily from THE HINDU group of publications Sunday, May 23, 2004 |
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Investment World
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Stock Markets Markets - Stock Markets Sensex tumbles Sowmya Sundar
IT happened for the first time in the history of Indian stock markets. The sharpest single-day loss was followed by the highest intra-day gain on the stocks markets. As the stock fundamentals took over the sentiment of investors, most stocks were quick to rebound. The markets were extremely volatile and expressed knee-jerk reaction to political statements and to the political developments that unfolded throughout the week. They key themes for the week include Divestment uncertainty: The markets did cheer up to Man Mohan Singh becoming India's CEO. However, the political stance on divestment of public sector banks, ONGC and GAIL pulled the stocks down. However, PSU stocks, including bank stocks, recouped losses. GAIL gained as much as 32 per cent on Tuesday after it slumped to its year low of Rs 129 the previous day. Despite the announcements, GAIL has been holding up for the rest of the week. The BSEPSU index actually closed 0.83 per cent higher than the previous week's close and BANKEX was up 1.57 per cent as compared with last Friday's close. Results push: A number of top-rung companies such as Tata Motors, Maruti and Tata Steel announced their year-end performance during the week. However, the markets took stock of the impressive performance, albeit a bit slowly and cautiously. The stocks of Maruti, Tata Motors and Tata Steel hovered in a range after the results announcements. Other automobile stocks such as Ashok Leyland and Punjab Tractors too gained while Mahindra & Mahindra remained flat. Mid-caps: Contrary to the belief, the mid-caps were relatively less volatile compared with the frontline stocks during the recent crash. During the last two days, the mid-caps, in fact bucked the trend in the frontline stocks. A few mid-cap stocks that gained substantially week-on-week were Zodiac Clothing, Pritish Nandy Communications, Carborundum Universal, GE Shipping, Aban Loyd Chiles, IVRCL Infrastructure, ITC Hotels, Kpit Cummins, Motherson Sumi, Jain Irrigation Systems and Sirpur Paper Mills.
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