Business Daily from THE HINDU group of publications
Saturday, Mar 03, 2007
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Business Daily from THE HINDU group of publications Saturday, Mar 03, 2007 ePaper |
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Stock Markets Markets - Commentary Columns - Sensor Srividhya Sivakumar
Pointers Highest weekly loss in seven months Market breadth remains weak
Indian stock markets seemed to be fully in control of the bears, with both the bellwether indices closing deep in red. The sensitive index lost close to 273 points while Nifty shed 85 points. Concerns regarding slowdown of the US economy, weak global markets coupled with Credit Suisse Group's bearish view of Indian markets could be attributed to the day's fall. Selling was prominent across all sectors, with all the BSE sectoral indices ending in the negative. Investor sentiments remained weak, mirrored by the advance-decline ratio of about 1:2.
Buzzing stocks
NDTV, on receiving the FIPB (Foreign Investment Protection Board) approval for foreign investment to the tune of Rs 585 crore for its foray into the entertainment and lifestyle space, witnessed renewed buying interest. The stock, after touching an intraday high of Rs 337, settled with a gain of 2.55 per cent. JSW Steel appreciated by about 5.8 per cent on rumours that the company was eyeing overseas acquisitions. However, the stock closed with a 2 per cent loss for the day after the company denied the news. Among mid-cap stocks, Orchid Pharma spurted by about 5 per cent on fresh buying. Other stocks that gained during the day were Britannia, Exide Industries, Cairn India and Polar Pharma. Among stocks that hit a new high during the day's session were Financial Eye, Fact Enterprises, SMS Pharma and Deccan Chronicle Holding.
Sector focus
Selling in large-cap stocks triggered selling across the board. Among large-caps, L&T and State Bank of India recorded losses of more than 4 per cent each, while TCS, HDFC Bank, BHEL and Reliance Communication shed more than 3 per cent each. Index heavyweight Reliance Industries lost about 3.6 per cent. The company announced its intention to pay an interim dividend, setting March 22 as the record date for the same. ITC, bucking the previous day's trend, lost about 3.4 per cent on concerns of a levy of VAT by all the Indian states on tobacco products. Leading the gainer's pack was Hero Honda, which chipped in about 3.7 per cent gain. Reversing its losing trend over the past couple of trading sessions, Hindustan Lever ended with a modest gain of about 1.7 per cent. Other stocks that moved northward were HDFC, Ranbaxy, Bajaj Auto and Hindalco. Cement stocks remained out of favour and continued to buckle under selling pressure. Grasim Industries, ACC and Gujarat Ambuja Cements were among the losers in this space. IT stocks too, after a day's respite, caught on to the trend and closed in the negative. Infosys, Wipro, Patni and MphasiS were among the losers. Capital Goods were among the worst-hit sector. Areva, Siemens, Bharat Electricals, Bharat Bijlee, Punj Lloyd, Gammon India and ABB were among the top losers. However, buying in select stocks such as Praj Industries, LMW, Alfa Laval and Carborundum Universal brought some respite.
Other gainers and losers
Jaiprakash Associates, Balaji Telefilms, Technocraft, Everest Kanto and Educomp Solutions were among the gainers during the day. Bombay Dyeing, Asahi India, Birla Corporation, Polaris and VSNL were among stocks that moved southwards.
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