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Krishnan Thiagarajan

AS the threat of war with Pakistan receded with some positive statements by the Prime Minister, the 30-share Sensitive Index vaulted by 0.97 per cent (or 30.51 points) to 3191.60 points.

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The Sensex opened the day at 3161.43 points, which was also the day's low and touched a high of 3195.56 points, before closing at 3191.60 points. Clearly, the positive sentiment that pervaded the stock markets were attributable to the fact that the Prime Minister indicated at the Almaty Asian Security Council summit that India was willing to discuss several differences with Pakistan, including Kashmir if the cross-border terrorism was ended.

Aided by a sharp rise in PSU stocks, the gainers dominated the day's trading, with 1037 stocks appreciating in value while 475 stocks logged declines. The stock prices of 96 stocks out of 1,608 stocks traded during the day remained unchanged. The gross turnover on the BSE declined marginally from Rs 1,121.61 crore on Monday's trading to Rs 1,060.75 crore during the day's trading.

To some extent, the uptrend in the Sensex was also attributable to an increase in the stock price of Hindustan Lever and Reliance during the course of the day.

The gainers were dominated by PSU stocks, the chief among them being Shipping Corporation of India. Riding on the news that price bids will be invited in the stock in July, the stock appreciated by Rs 11.25 (or 11.4 per cent) to close for the day at Rs 109.85. Trading volumes in the stock soared from 14.35 lakh shares on Monday's trading to 62.04 lakh shares. The stock emerged as one of the most active during the day's trading.

The other PSUs which attracted heightened trading activity were Rashtriya Chemicals and Fertiliser and Chemicals Travancore.

Among other gainers during the day were Hindustan Lever, United Phosphorus, Saw Pipes, ITI, Indo Gulf Corporation, McDowell, TVS Electronics and Thermax.

United Phosphorus figured among the prominent gainers during the day's trading, with the stock appreciating by Rs 15 to settle at Rs 116.60. Trading volumes in the counter rose from 5.15 lakh shares on Monday's trading to 15.75 lakh shares during the day.

Riding on a buoyant volume trend, the Saw Pipes stock appreciated by Rs. 6.20 (or 9.83 per cent) to close for the day at Rs. 69.25. Trading volumes in the stock surged from 16,794 shares on Monday's trading to 1.76 lakh shares during the day.

The ITI stock appreciated by Rs 3.25 (or 8.33 per cent) to Rs 42.25 marked by robust trading volumes. Trading volumes in the stock rose from 21.13 lakh shares on Monday to 29.58 lakh shares during the day's trading.

Among the significant losers during the day were Shasun Chemicals, Bharat Petroleum, Videsh Sanchar Nigam (VSNL), Mastek, Kale Consultants, Tata Telecom and Hindustan Petroleum among others.

The controversy surrounding the investment of Rs 1200 crore by VSNL in Tata Teleservices continued to dominate the trading activity in the stock.

The stock shed Rs 6.70 to settle at Rs 182.50 during the day. Even the trading volumes in the stock jumped from 47,584 shares on Monday's trading to 63,083 shares during the day.

Among several second- and third-rung stocks the prominent loser was Kale Consultants. The stock shed Rs 2.70 to close at Rs. 71.90. The trading volumes, however, dipped from 2.41 lakh shares on Monday to 1.17 lakh shares during the day.

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