Financial Daily from THE HINDU group of publications
Thursday, Jun 05, 2003
Financial Daily from THE HINDU group of publications Thursday, Jun 05, 2003 |
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Markets
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Commentary Columns - Sensor Heavyweights push Sensex up G. Madhan
THE benchmark BSE Sensex marched northwards on Wednesday after recovering from the previous day's correction. Aided by the buying interest in the index heavyweights and information technology stocks, the Sensex was up 34.52 points (1.08 per cent). The index opened at 3187.41 points, 5.44 points higher than Tuesday's closing and continued to remain in the positive ground throughout the day. Propelled by the strong buying interest in the last one-hour of the trading, it reached a high of 3220.19 points on intra-day and closed at 3216.49 points. Seventeen stocks advanced, 12 declined and one remained unaltered. In the BSE, gainers outnumbered losers 1108 to 578. The 50-stock Index, S&P CNX Nifty also rose by 11.45 points 1.13 per cent to 1022.1 points. Among the Index heavyweights Reliance Industries spiked by 3.17 per cent to Rs 301.15 on volumes of 18.6 lakh shares; State Bank of India surged by 4.26 per cent to Rs 358.15 on accompanying volumes of 15.9 lakh shares. The stock price of Hindustan Lever and Infosys Technologies also ended the day on a positive note. However, cigarette manufacturer ITC lost ground. Public sector bank stocks continue to remain in the limelight. Canara Bank zoomed by 4.3 per cent to Rs 108.3 on volumes of 35 lakh shares. Punjab National Bank surged by 3.6 per cent to Rs 159.5 on trading volumes of 31.9 lakh shares. Union Bank also rose marginally by 1.3 per cent to Rs 40.05 on accompanying volumes of 47.7 lakh shares. The stock price of Mastek rose by a whopping 7.9 per cent to Rs 271.65 on Wednesday on volumes of 16.3 lakh shares. NIIT, VisualSoft, Geometric Software, Hexaware, Polaris and i-flex solutions also ended the day on a positive note. Major information technology stocks such as Satyam Computer and HCL Technologies also ended the day in the positive territory - the former rose by 1.2 per cent to Rs 176.05; the latter went up by 6 per cent to Rs 135.85. The counter of Jindal Iron & Steel continues to witness significant trading volumes. It is gaining ground ever since the company announced its second consecutive quarter of profits, on the back of increasing acceptance for its value-added products and increase in the price of the finished goods. The stock was up 2 per cent to Rs 108.5 on volumes of 17.5 lakh shares, up from the previous day's 12.9 lakh shares. The counter of Arvind Mills witnessed sharp jump in volume of shares traded on the back of huge block deals about 2 crore shares, up from the previous day's 17 lakh shares. However, the stock fell by 2.7 per cent to Rs 36.6.The counters of IFCI, IDBI and Himachal Futuristic also witnessed significant trading volumes.
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