Financial Daily from THE HINDU group of publications
Tuesday, Jan 03, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jan 03, 2006 |
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Stock Markets Markets - Stock Markets Mid, small-cap stocks open New Year on a high — Fertiliser, sugar in the limelight Our Bureau
Mumbai , Jan. 2 YEAR 2006 started on an optimistic note for mid-cap and small-cap stocks while large-cap stocks, save Reliance Industries, remained lacklustre. Monday was the first trading day of the year. The mood at small-cap and mid-cap counters was evident from the fact that every fifth stock traded on the Bombay Stock Exchange was locked on the upper circuit, meaning only buyers and no sellers for those stocks. On the BSE, a total of 554 stocks hit the upper circuit out of 2,582 shares traded. The advance decline ratio on the exchange was also very positive with seven shares advancing for every three shares that declined. BSE small-cap index was among the major gainers among all the indices of the exchange. The index rose 1.42 per cent followed by BSE mid-cap index, which rose 1.32 per cent. Key indices BSE Sensex and Nifty opened on a firm note in the morning, but as the day progressed selling was seen in most of the index counters. The BSE Sensex ended the day with a fall of 7.79 points at 9390.14. NSE's S&P CNX Nifty was down marginally by 0.6 points to close at 2835.95. The major action was in mid-cap and small-cap stocks with fertiliser and sugar stocks catching the attraction of traders. Dealers said Sensex and Nifty were trading at all-time high and nobody was taking a view on them. "There has been steady rise in indices since November and some fall is expected from this level," a dealer with a domestic broking firm, said. However, most of the traders were optimistic on mid-cap and small-cap stocks. In today's trading, fertiliser stocks were among the major gainers. The upturn in these stocks was in anticipation of decontrol of fertiliser prices and the possibility of new fertiliser policy being announced by the Government soon. Sugar companies' stocks rose on expectations of a rise in the price of the commodity. Brokers said the overall mood was optimistic and the next movement of Sensex and Nifty would depend on the movement of the Reliance Industries stock ahead of January 18, when it starts trading without the investment arms of the company. December quarter results, starting next week, would also play a major role in the next round of stock price movements, dealers said.
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