Financial Daily from THE HINDU group of publications
Sunday, Jul 13, 2003
Financial Daily from THE HINDU group of publications Sunday, Jul 13, 2003 |
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Investment World
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Stock Markets Markets - Commentary Techies to the fore Nath Balakrishnan
TECH stocks came back into the reckoning after being rather subdued over the past couple of months. Infosys' results provided the much-need shot of adrenalin to the sector, which prompted a secular uptrend in stocks such as Satyam Computer, Wipro and Hughes Software. Auto ancillary stocks continued their upward journey, buoyed by the positive outlook for the automobile industry on expectation of a normal monsoon. Stocks such as Sundaram Brake Linings, Rane Brake Linings, Samkrg Pistons and Sundaram Fasteners, who stand to gain from the upswing in automobile sales, posted smart gains. The banking sector, led by frontline stocks such as State Bank of India and HDFC Bank, continued to rule firm. Among stocks in the next tier, Oriental Bank of Commerce, Punjab National Bank and Bank of Baroda, among others, continued to be on the buy list. Stocks in the steel sector remained firm on the back of a firming up of global steel prices. Tata Steel, SAIL, Nav Bharat Ferro Alloys and Jindal Steel were some of the key gainers. There also appears to be a story that is gradually unfolding in the engineering sector. With the domestic manufacturing segment looking up and export markets showing promise, companies such as Thermax and Bharat Forge have rode this wave to post impressive gains.
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