Financial Daily from THE HINDU group of publications
Friday, Apr 22, 2005
Financial Daily from THE HINDU group of publications Friday, Apr 22, 2005 |
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Markets
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Commentary Columns - Sensor Results, monsoon report boost sentiment Radhika Kamath
THE markets on Thursday continued to trade in the positive territory, as bulls were active on the bourses. Impressive results by Satyam, Nalco and UTI Bank and the expectation of a normal monsoon aided in boosting the overall market sentiment. The Sensex opened on a flat note, up by about 6 points from its last close, went on a bumpy ride to cross the 6,300-mark before closing at 6299.20. The 50-stock Nifty gained around one per cent as it closed at 1948.50, up by about 20 points. The bullish sentiment was widespread which was reflected in the advances to declines ratio of 3:1, with the ratio being tilted heavily in favour of the gainers. There was intense activity across the counters of IT, auto, metals and banking stocks. The stock of Satyam Computer shot up 5 per cent as the company announced a 53-per cent jump in Q4 profit. The stocks of Wipro, TCS, HCL Tech and Sonata Software, which saw fresh buying interest, also gained significantly. Helios and Matheson, which registered a sevenfold increase in its Q4 profit, saw its stock rocketing with a gain of 20 per cent. The metal stocks exhibited a mixed trend. While the stocks of Tata Steel and SAIL rallied, those of Essar Steel and Monne Ispat shed value. The stock of Jindal Stainless gained 1.8 per cent as the company reported its Q4 profit more than tripled, aided by rising steel prices. Nalco, whose Q4 profit went up 59 per cent, saw its stock flare up 2.5 per cent. The investors seemed overtly bullish about the banking stocks, which put up a smart performance. The BSE Bankex gained by 0.7 per cent. But it was the stocks of the public sector banks that stole the show. Those that witnessed sharp gains were Corporation Bank, Bank of India, UTI Bank, Andhra Bank, Vijaya Bank and SBI. The shares of UTI Bank recorded a gain of around Rs 8 (up 3.3 per cent) as the bank's profits for Q4 increased by 33 per cent on account of higher lending. The shares of ICICI Bank and HDFC Bank traded in the weak on the back of reports that Income-Tax authorities have issued notices to lenders and other companies about concealing income details over the past 7-8 years. The mid-cap stocks also exhibited strong buying interest. The BSE Midcap gained 49 points while the CNX Mid-cap 200 was up by around 41 points. Those stocks that saw significant gains in the mid-cap space were Century Textiles and Industries, Titan Industries, Hindustan Oil Exploration, Deccan Chronicle, Scandent Solutions, Asahi India and Crompton Greaves. The sentiment in the pharmaceutical stocks was mixed. While the stocks of Matrix Lab, Nicholas Piramal, Sun Pharma and Glaxo appealed to the investors, Zandu Pharma, Dr Reddy's, Glenmark Pharmaand Ranbaxy failed to interest them. The FMCG stocks moved in tune with the market sentiment. The stocks of Gillette India, ITC, Shaw Wallace and Dabur made gains. However, Colgate, Marico Industries and HLL ended weak.
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