Business Daily from THE HINDU group of publications
Thursday, Sep 28, 2006
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Business Daily from THE HINDU group of publications Thursday, Sep 28, 2006 ePaper |
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Markets - Commentary Columns - Sensor Nath Balakrishnan
Pointers Late profit booking chips away gains Advances marginally ahead of declines Eicher Motors is a buzzing stock
Profit booking that kicked in during the last hour of trade deprived the indices of yet another strong finish. Though the key indices did end the day in the green, gains were muted. Key levels of 12,400 and 3,600 were breached on the Sensex and Nifty, respectively, but markets surrendered a chunk of these gains to end lower. The Sensex ended at 12366.9, even as the Nifty closed at 3579.3, registering an increase of 45 points and seven points, respectively, over the close on Tuesday. Banking sector stocks enjoyed a good outing. The advances-declines ratio was marginally in favour of the former with a ratio of 11:10.
Sectoral gainers
Within the index, stocks such as ICICI Bank, HDFC and HDFC Bank were the principal gainers. The first-named, which intends to embark upon an aggressive recruitment drive, was the highest contributor to the gains within the Sensex. Banking sector stocks had enjoyed a good run on Tuesday, too, on the back of expectation that the RBI would extend the deadline for banks to comply with Basel II guidelines. Other stocks that also had a good run included UTI Bank, Vijaya Bank, Andhra Bank, Kotak Mahindra Bank and Bank of India. The Bankex, incidentally, posted the highest gain among sectoral indices. Cement was another sector where gains were witnessed on the back of expectations that producers may resort to price hikes to capitalise on the strength in demand. ACC, Grasim, Ultra Tech Cement and Prism Cement ended the day on a positive note, even as Gujarat Ambuja finished the day unchanged. IPO watch HOV Services, which offered shares at Rs 200 in its initial public offering, listed on Wednesday, but the street did not appear to be too impressed with it. The stock ended 5 per cent off its offer price on brisk volumes of about 25-lakh shares.
Buzzing stocks
Rama Newsprint, a stock that relisted recently, continued its relentless upward journey, hitting the 20-per cent upper circuit filter for the fifth straight day. Eicher Motors was another stock that hit the 20-per cent circuit filter on the upside. The stock ended at Rs 290.55, on the back of a more than 20-fold jump in volumes at about 75,000 shares. Hiran Orgochem was another buzzing stock that hit the upper circuit filter for the second day running. Volumes on the counter were brisk at 3.7-lakh shares. Sterling Biotech, which has been a scorching run since the beginning of this week, had another good session, posting gains of 17 per cent. Apollo Hospitals was another smart mover, registering gains of 7 per cent on the back of a more than 30-fold jump in volumes.
News-related action
Sical Logistics moved up 5 per cent on news that it has decided to acquire 100 per cent of a Singapore-based logistics company. United Phosphorus was another stock that moved up by 4 per cent after it announced that it intends to acquire the herbicide business of DuPont worldwide, barring the Asia-Pacific region.
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