Business Daily from THE HINDU group of publications
Tuesday, Mar 13, 2007
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Business Daily from THE HINDU group of publications Tuesday, Mar 13, 2007 ePaper |
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Stock Markets Markets - Commentary Columns - Sensor S. Muralidhar
The stock markets went through the whole range of sentiments on Monday. Starting this first session of the week hesitantly, and after a weak opening, the benchmark indices then quickly climbed up to post respectable gains over the previous day's closing. However, a sudden jump in selling pressure immediately after the post-lunch session led to a rapid slide in the indices that almost threatened to completely wipe out the gains posted earlier during the day's session. Right through Monday's session, there was a certain degree of difference between the two primary benchmark indices — the BSE Sensex and the NSE Nifty index — with the Nifty's wider choice of stocks helping it consistently stay higher than the Bombay Stock Exchange's index.
General Market Trend
After opening marginally lower than the previous day's close, a strong surge in buying support during the first half of the day helped the Nifty index quickly climb up to a high of 3,781.5 points. However, a wave of profit booking during the second half led to an erosion of the gains recorded by the Nifty, and the index finally closed the day with just an increase of 0.45 per cent. The story was similar with the BSE Sensex, except for the fact that with an increase of just about 18 points, the index managed to close with a gain of only 0.14 per cent at 12,903 points. At Monday's close, the Sensex had fallen over nine per cent compared to its corresponding month-ago level. However, despite the gains posted by both the indices being only marginal, the number of stocks that were in the black vs those in the red was clearly in favour of the gainers at 3:2. Traded value of Sensex stocks on Monday was a low Rs 859 crore. Amongst the biggest losers from the Sensex stocks were ACC, Gujarat Ambuja Cements, Grasim, HDFC Bank, ITC, Reliance Energy, SBI and Reliance Communications. The big gainers from the Sensex were Bharti Airtel, Cipla, Hero Honda, HDFC, ICICI Bank, L&T, Maruti Udyog, ONGC, Tata Motors, TCS and Wipro. At the NSE, the top five gainers from the Nifty were Jet Airways, HPCL, Sun Pharmaceuticals, Bharti Airtel and HCL Technologies.
Sector Focus
Amongst the sectors that were most affected by the build up in selling pressure during Monday's session included cement, banking, select software stocks and with a few exceptions, telecom. In terms of the general sectoral indices, the ones that posted better gains than the Sensex and Nifty were the mid-cap and small-cap indices. The sector stocks that stole the limelight on Monday were largely from the sugar, automotive, capital goods and healthcare industries. Sugar stocks had been battered by the market even before the post-Budget slide had begun and the few sops that were announced before and during the Budget have not enthused investors in this sector. However, investor sentiment seemed to have improved dramatically on Monday for sugar stocks and the major counters in this segment were all ringing in gains. Amongst the big gainers from this sector were Dhampur Sugar, Renuka Sugar, Balrampur Chini, EID Parry, Triveni Engineering and Sakthi Sugars.
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