The Hindu Business Line : Results provide the spark

Ignoring Monday's fall in the key global market indices and sluggish FII flows into the domestic markets, both the BSE Sensex and S&P CNX Nifty bounced back, recovering most of its losses during the day's trading. The markets appear to have reacted positively to good quarterly earnings performance announced by several companies.

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The Sensex closed for the day at 6,162.98 points, 56.55 points higher than Monday's close. After moving in a fairly narrow band in the morning session, the index rose sharply in the afternoon session, touching the day's high of 6,174 points. Of the index constituents in the Sensex, 22 stocks recorded gains. The advances to declines ratio at 1.51 reflected the positive mood in the markets. Out of 2,323 stocks traded, 1,351 stocks appreciated, while 895 stocks registered declines.

The Nifty gained 1.2 per cent to close at 1,931.85 as compared to Monday's close. The prominent gainers on the Nifty were Shipping Corporation of India, Dabur, HDFC Bank, SAIL and Tata Tea. Among the one's which declined were VSNL, Reliance Energy, Reliance Industries, Bajaj Auto and Larsen & Toubro.

Outside these, significant gainers were Bharat Earth Movers, Lyka Labs, IVRCL Infrastructures, Ballarpur Industries and Ashok Leyland.

The Bharat Earth Movers stock rose by 8.27 per cent to close at Rs 317.60, accompanied by strong trading volumes. The rise has to be viewed in the backdrop of a jump in third quarter profits by almost 111 per cent to reach Rs 24.3 crore.

The stock of Lyka Labs gained sharply by 10.6 per cent to end at Rs 63.15. The trading volumes jumped five-fold during the day. The stock attracted trading interest on the decision by its Board to consider a GDR issue.

The IVRCL Infrastructures and Projects stock gained Rs 9.30 to settle at Rs 307.05. The uptrend has to be seen in the light of orders worth Rs 440 crore bagged by the company.

The stock of Eskay KnIT appreciated by 4.73 per cent to close at Rs.16.6. The company has announced splitting the face value of the shares from Rs 4 to Re 1.

The shares of Ballarpur Industries rose 3.13 per cent to end the day's trade at Rs 84.15. The company had announced a rise in second quarter profits by 31 per cent and an interim dividend of 12.5 per cent.

The shares of Ashok Leyland rose to close at Rs 22.45, appreciating by 8.45 per cent from Monday's close. The auto major reported post-tax earnings growth of 41.23 per cent in the third quarter ended December 31, 2004.

Riding on strong third quarter results announced by Andhra Bank, the stock shot up by 9.7 per cent to record a close at Rs 79.8, accompanied by heightened activity. The bank has announced a jump in profits to Rs 121.84 crore in the third quarter of the year. The bank has also declared an interim dividend of 15 per cent.

Among the losers were Century Enka, Ramco Industries, Vardhaman Spinning and Container Corporation of India.

The Century Enka stock dropped to 4.2 per cent to end the day's trade at Rs 137.95. The company has reported a sharp drop in third quarter results, at Rs 4.03 crore, nearly 74 per cent lower than the same period in the previous year.

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