Financial Daily from THE HINDU group of publications
Friday, Jan 25, 2002
Financial Daily from THE HINDU group of publications Friday, Jan 25, 2002 |
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Markets
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Commentary Columns - Sensor Glenmark, Hindalco hog the limelight Reshma Krishnan
THE market has been acting terribly fickle these days not knowing where to head. This could be due to mixed financial performances from blue chip companies. The 30-share Bombay Stock Exchange index, the Sensex, closed down by 0.45 per cent, which is 15.28 points to end Thursday's trading at 3357.79 points from the previous day's close of 3373.07 points. The index opened at 3380.75 points and traded within a range of 46.25 between an intra-day high of 3399.09 points and a low of 3352.84 points. Hopefully as more corporate results come out in the next two weeks, the market will take a more decisive direction. The week, however, looks like it is going to be quite a lacklustre one of the markets. The broad market trend (new highs to new lows), which usually indicates the underlying market sentiment, was not reflective of the losses made at the bourse on Thursday as it remained positive. There were 29 new highs in comparison to 25 new lows. The undertone has remained positive since the beginning of the week despite declines during a couple of trading sessions during the week. The advance /decline ratio was however, negative and not in tandem with the broad market trend as the number of issues that advanced in value were 478 compared to 630 issues that declined in value. The market was not in favour of many scrips such as United Breweries and Crisil, which enjoyed the market support during the beginning of the week. Pharmaceutical stocks witnessed a mixed reaction from the bourses as Cipla and Dr. Reddy's saw their shares end down from the previous day while Glenmark had something to cheer about. Infosys Technologies, the No 2 software exporter continued to fall and ended the day at Rs 3859.85, down Rs 23.90 from the previous days close of Rs 3883.75. Trading volumes stood at 2.58 lakh shares. Hindalco, on the other hand, saw a good day at the bourses as its stock gained. It closed at Rs 706.80, up by Rs 16.40 from the previous days close of Rs 690.40. Trading volumes stood at 13,650 shares. This rise could probably be attributed to reports that the company's board, India's largest aluminium maker, would meet next week to decide a share buyback plan. Indian drug-maker Glenmark Pharmaceuticals was also a leading gainer as it ended the day up by Rs 29.55, and closed at Rs 255.30 from the previous day's close of Rs 225.75. Trading volumes stood at 33,940 shares. The rise could have been fuelled by a company press release that it had established effectiveness in animals for a new diabetes and obesity drug it has developed. US-listed Dr Reddy's Laboratories, on the other hand, who was also in the news in that it has licensed anti-diabetes drugs to Denmark's Novo Nordisk and Swiss giant Novartis AG, did not witness the same reaction. The news was not helpful to the share price as it fell by Rs 10.35 to end the day at Rs 990.25 from the previous days close of Rs 1000.60. Trading volumes stood at 1.58 lakh shares.
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