The Hindu Business Line : SAIL moves Nifty up

THE steel counters today shined on the bourse and the SAIL stock proved to be the cutting edge for the Nifty. According to dealers, fund buying was reportedly behind the stock's upward movement. However, the delivery-total quantity ratio did not indicate significant investment buying.

The SAIL stock moved the Nifty up by 6.09 points, the highest contributory factor provided by any stock in the basket. Among, the other top Nifty movers were Hind Lever (1.9 points) and SBI (1.51 points).

Incidentally, SAIL is not on the Sensex basket. As a result, the Nifty relatively witnessed a sharper gain than the Sensex.

The weightage of SAIL improved on Monday to 3.3 per cent from 2.6 per cent.

The stock closed at Rs 31.65 (Rs 26.70) on the BSE. It attracted a volume of 2.06 crore (84.62 lakh) shares on the BSE and 71.07 lakh (30.31 lakh) shares on the NSE. Some 15.5 per cent of the total traded quantity was presented for delivery on the BSE and 14.7 per cent on the NSE against an average of around 25 per cent.

According to Mr Ketan Thacker of Anagram Stockbroking, the traders expected another price revision by SAIL shortly.

Spurred by the Chinese demand and domestic growth in sales, the company is expected to be back in the black this fiscal. China has decided to buy 9.2 million tones of steel from Indian steel makers for a year to June 2004.

The preparation for the Olympic Games in 2008 is causing the Chinese demand. It is estimated that new civic and transport facilities of the games in Beijing are to cost Singapore $58.4 billion.

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