Business Daily from THE HINDU group of publications
Saturday, Feb 03, 2007
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Business Daily from THE HINDU group of publications Saturday, Feb 03, 2007 ePaper |
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Stock Markets Markets - Commentary Columns - Sensor Suresh Parthasarathy
Taking the positive cues from global peers, markets opened in green. During the mid session, markets gained a further momentum to touch an intra-day high, but profit booking at higher levels in the last hour of the trading, pulled the Sensex down. However, markets closed at an all-time high with Sensex closed at 14,403.77 by adding 136.59 points. Buoyant mood for the last two trading session saw the markets adding close to 312 points. Except banking and oil and gas, all the other sectoral indices closed in green. BSE mid and small-cap Index too participated in the rally. The broader markets Nifty added 46.3 points to 4,183.5.Advances to declines ratio favoured the former with 1,439 shares advanced against 1,225 declined.
New listing
Shares of Network 18 Fincap the holding company of TV 18 group got listed on Friday. The shares, which managed to touch an intraday high of Rs 394, finally closed at Rs 366.7, with a volume of 41.11 lakh shares. (Shareholders of TV 18,which runs CNBC India, got 12 shares of Network 18 for every 10 they owned in the original company).
Buzzing Stocks
Bharti Airtel led the Sensex basket along with HDFC, Reliance Communication and Gujarat Ambuja Cements. Tata Steel, which shed close to 12 per cent aftermath of the Corus deal, managed to close in green. In midcap space, UTI Bank was the star performer along with Sobha Developers and Balaji Tele Films and Jindal Steel. Reliance Capital surged 4.7 per cent on back of the news that the Reliance Mutual Fund became the leading fund houses in terms of its asset under management.
Sector Focus
BSE capital goods were among major gainers in the sectoral indices. Larsen and Toubro gained Rs 76.6 to close at Rs 1,677.4. Other prominent gainers were Greaves Cotton, Crompton Greaves, and Gammon India. Those bucked the trend to close in red were ABB, Astra Micro and Bharat Bijlee. Lloyd Electrical, which surged 6.3 per cent led the consumer durable space. Others followed the suit were Blue Star, Gitanjali Gems and Titan Industries. In pharma space, Panacea Biotec surged 4 per cent, Sterling Biotech, Biocon, Lupin and Wockhardt all gained between 2 and 3 per cent. Buying was witnessed in some of the cement stocks. Birla Corp and Chettinad Cement were the top gainers and both surged close to 4 per cent. Other prominent gainers were Ultratech Cement, Madras Cement, Prism Cement and Gujarat Ambuja Cements. Notable to close in red were India Cements and Deccan Cements.
Stock-Specific Action
HPCL announced that the company is planning to borrow $100 million (Rs 440 crore) to fund an expansion and for new projects. The loan will be used to fund doubling the capacity of its refinery plant in Visakhapatnam and to build a new plant in northern India. However, the stock closed marginally lower. Aurobindo Pharma announced that the USFDA has approved one more cephalosporin, cefprozil oral suspension 125mg\5ml, 250mg\5ml from its range. The stock failed to react and managed to close flat.
Gainers and losers
Prominent gainers in Nifty were Suzlon Energy, Satyam Computer, Wipro, Gail, Kotak Bank and MphasiS. Nalco led the losers, along with SBI, Punjab National Bank, BPCL and Hero Honda.
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