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TATA Steel was the major gainer among the index stocks on Monday. The stock rose 4.66 per cent at Rs 363.90 on the BSE with volumes of 34.36 lakh shares and on the NSE, it closed at Rs 363.65, up 4.21 per cent, with volumes of 71.46 lakh shares.

Dealers said the stock rose following reports that the international rating firm Standard & Poor's had upgraded its rating above India's sovereign rating. The upgrade would help the company in borrowing funds at a cheaper rate in international markets.

The talk is that Tata Steel is on the lookout for acquisitions in the international market and the upgrade of rating would help the company at that time.

Nalco strong on aluminium price

NATIONAL Aluminium Company rose for the second day in a row. On Monday, the stock moved up 6 per cent to Rs 180.15 on the BSE with volumes of 4.26 lakh shares; on the NSE, it closed at Rs 180.05, up 6 per cent, with volumes of 13.65 lakh shares.

Dealers said the rise in the stock price is due to the hike in aluminium prices by the company from November 1.

The talk is that the hike indicates good demand for the metal in future. Earlier, there had been fear among the traders that the price of the metal would remain depressed for the remaining part of the year. With this hike, Nalco would continue to show good profits for this quarter.

Turns bullish on short covering

THE sharp rise in the BSE Sensex and the Nifty in the last four trading sessions has surprised most of the traders.

The BSE Sensex has increased by more than 500 points since last Monday. The buzz is that the sharp rise in the stock prices is due to short covering by several traders in the derivatives market. They had gone short when the Sensex fell below 8,000. However, the buying at lower level by value buyers stopped the slide and this led to covering of the short positions by short sellers.

Dealers said the short selling is also seen from a negligible increase in open interest for Nifty futures. The talk is that most of the short positions have been covered by Monday and if these traders do not go short again, stock prices are likely to remain firm for this week.

Virendra Verma

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