Financial Daily from THE HINDU group of publications
Thursday, Jun 12, 2003
Financial Daily from THE HINDU group of publications Thursday, Jun 12, 2003 |
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Markets
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Commentary Columns - Sensor Bank, power stocks help maintain momentum C. Raja Rajeshwari
THE market was rather volatile on Wednesday. However, the firmness in the heavyweights kept the benchmark indices in the positive territory. The BSE Sensex opened firm at 3289.36 points but fell to a low of 3287.72 points. It later regained to close at 3314.60 points, higher by 25.05 points than Tuesday's close. The broad based S&P CNX Nifty closed the day higher by points at 1044.10 points. Among the Sensex constituents ITC, Ranbaxy, HPCL, Hindalco, MTNL, Nestle, Gujarat Ambuja, GlaxoSmithKline Pharma, Castrol India and Colgate ended the day in the negative territory. The power stocks gained more ground on Wednesday. BSES was higher by 12.7 per cent at Rs 259, Alstom Power by 10.9 per cent at Rs 99, ABB appreciated 4.9 per cent to Rs 378 and Tata Power was higher by 2.5 per cent to Rs 143.75. PSU banks regained on buying interest. Punjab National Bank gained 9.5 per cent to Rs 152, Canara Bank appreciated six per cent to Rs 99.40 and Bank of Baroda gained 5.6 per cent to Rs 102.45 JB Chemicals edged up 5 per cent to Rs 203, on reports that it has entered into a strategic alliance with Arrow group in Canada to develop, manufacture and supply select basket of generic formulations for the Arrow group. Voltas vaulted 7.5 per cent to close at Rs 62.70 on the backdrop of the company's announcement that it has been awarded a 26.25-crore by Gujarat government. Neyveli Lignite gained 11.3 per cent to Rs 41.05. The stock has been on the uptrend for the past nine days. ONGC gained marginally to close at Rs 467.25 and MRPL gained 4.7 per cent at Rs 19.95. The board of ONGC has decided to exercise the call option on MRPL shares held by the lenders under the debt-restructuring package. The move is likely to up ONGC's stake in MRPL to around 73 per cent. New 52-week highs were scaled by Lupin (Rs 235), Vimta Labs (Rs 98.45), Godavari Fertilisers (Rs 45.95) and Bihar Caustic Chemicals (Rs 12.50).
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