Srividhya Sivakumar

Pointers

FMCG and Housing

Finance firms spurt

Awaits clue

from Fed meet

Advance-decline

ratio was pegged at 1.05:1

In what appears to be a relentless rally, markets continued to march upwards and closed at a four-month high. Firm Asian markets and easing concerns over any further hike in the Federal Reserve rates kept the momentum on. However, the crucial US Fed meet, scheduled for Wednesday, would bring more clarity on market trend.

Though the BSE Sensex remained choppy throughout the day, buying was witnessed in select blue chips. Buying in pharma and FMCG helped sustain the market above the 12k level. Market breadth remained neutral; the advance-decline ratio was pegged at 1.05:1.

The FIIs were net buyers to the tune of Rs 373.88 crore, according to NSE provisional data.

Buzzing stocks

Finolex Industries

surged eight per cent on high volumes, thus extending its recent surge.

Larsen & Toubro

continued to gain on account of the 1:1 bonus that has been announced; 28th September being the ex-day.

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Among the other counters,

Reliance Communications

gained 2.88 per cent;

Torrent Pharma

gained 20 per cent;

Rico Auto

closed at a gain of 9.79 per cent.

Escorts

surged 12.64 per cent for the day. Its volume was almost seven times its two-week average.

Rain Commodities, Uniply Industries

and

Everest Kanto Cylinders

were some stocks that touched their all-time highs on Monday.

Sector focus

FMCG led the gainers pack.

Hindustan Lever

was the top gainer in the space and recorded an intra-day gain of 2.87 per cent.

ITC

gained 2.6 per cent;

Colgate-Palmolive

2.54 per cent;

Britannia

and

Nestle

gained 1.95 per cent and 2.75 per cent respectively.

The housing finance firms gained on expectations of a robust growth in the home loans segment.

GIC Housing Finance

gained 9.86 per cent,

HDFC

gained 3.29 per cent and

Dewan Housing

surged 20 per cent.

LIC Housing Finance

closed with minimal gains.

Metals scrips slithered on expectations of price cuts, after metal prices declined in the LME.

Hindustan Zinc

lost two per cent;

Nalco

lost 1.45 per cent;

Sterlite Industries

lost 1.18 per cent.

Tata Steel, Sesa Goa

and

Ispat Industries

were among the other losers.

Cements continued their winning streak. However, gains were dominant among the small caps and mid caps space.

Chettinad Cement

gained 4.58 per cent and

JK cements

gained 1.41 per cent. The other counters to close with marginal gains were

Birla Crop, ACC, Grasim, Gujarat Ambuja

and

India Cements

. Expectations on a price hike have kept the sentiment buoyant in the sector.

Pharmaceuticals were a mixed bag.

Biocon, Cipla, Dr Reddy's, Divis Lab

and

Dishman Pharma

posted gains for the day.

KDL Biotech

and

IPCA

laboratory were among the losers.

The tyre scrips skidded.

Apollo Tyres

lost 3.45 per cent;

Goodyear

lost 2.74 per cent and Ceat shed 2.06 per cent.

MRF

closed with a trivial loss of 0.17 per cent.

Stock-specific action

LG Balakrishnan

spurted 5 per cent after the company announced its decision to offload its entire stake in LGB Textiles for Rs 19.45 crore.

Financial Technologies

surged 4.62 per cent after Multi Commodity Exchange of India, its subsidiary signed a memorandum of understanding with Zhengzhou Commodity Exchange.

Shringar Cinemas Ltd

jumped 3.45 per cent after it reported that the company would add seven to nine multiplexes each year, taking screens to 227 across 50 sites by March 2011.

Biocon

gained 3.27 per cent on introducing an innovative anti-cancer drug. It has launched 'Biomab-Egfr', a therapeutic monoclonal antibody-based drug for treating solid tumours of epithelial origin, such as head and neck cancers.

(This article was published in the Business Line print edition dated September 19, 2006)
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