Business Daily from THE HINDU group of publications
Friday, Aug 25, 2006
Business Daily from THE HINDU group of publications Friday, Aug 25, 2006 |
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Markets - Commentary Columns - Sensor Srividhya Sivakumar
The markets opened lower tracking the weak global markets, but thanks to bottom-fishing and buying at lower levels the indices recovered more than what they shed during the early trade. Sustained buying in both the large cap and other select counters supported this surge in the markets. The Sensex posted a gain of 125 points to close at 11531 and the Nifty gained around 35 points. The advance decline ratio was in the favour of the bulls, with two stocks advancing as against a single decline amongst the large caps. Action was predominantly seen in the large cap space, with index heavyweight Reliance surging northwards to gain 4 per cent. The markets surged on select buying in the oil & gas and metal sector. The mid-cap and small-cap indices closed with paltry gains.
Buzzing stocks
Hindustan Motors rose 8 per cent to close at Rs 40.10. The stock rose on the unconfirmed news that the company plans to sell its surplus land at its West Bengal plant. IPCL and GMR Infrastructure were amongst the stocks to hit their 52-week highs during the day. Geojit Financial Services and India Infoline posted a gain of around 7 per cent each. Some of the stocks that hit their upper circuit filter were Ceat, Mid Day Multimedia and Provogue, while Transgene Biotek and Vertex Spinning hit their lower circuit for the day.
Sector focus
The metals continued to shine on Thursday. The BSE metal index posted an intra-day gain of 2.07 per cent. The major performers in the sector were Hindalco, Hindustan Zinc, Sterlite Industries and Tata Steel. The BSE Oil and Gas sectoral index witnessed heavy buying and staged an intraday gain of 2.59 per cent, with buying seen in select counters. Reliance Industries, GAIL and IOC were some of the prominent movers. Auto shares gained on the expectation that the Government will abstain from raising the domestic oil prices in the near-term. M&M, Tata Motors and Hero Honda posted neat gains in the sector.
Stock-specific action
Dolphin Offshore Enterprises gained 6.5 per cent after it bagged two contracts from different entities aggregating $ 5.6 million. The first contract worth $ 1.5 million is from Deep Offshore Technologies, Iran, for providing saturation diving services. The second contract is from South East Asia Marine Engineering & Construction (SEAMEC) worth $ 4.14 million. Gujarat Ambuja Cements rose 3.5 per cent on continued buying interest due to expectations of pick up in demand as the southwest monsoon is near its end. Sundram Fasteners jumped 6 per cent for the second consecutive day after the company declared a 1:1 bonus on Wednesday. Natco Pharma surged 3.3 per cent after the company launched Bortezomib injection, which is used in the treatment of multiple myeloma.
Gainers and losers
IPCL, PNB, Glaxo, Tata Steel were amongst the top gainers in the NSE as against ONGC, ICICI Bank and Infosys which remained subdued throughout the day. Amongst other stocks Gateway Distriparks, KRBL, Hitech Gears and Crewbos moved northwards, while Mahindra Gesco, PTC and iGate were prominent losers.
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