Search the Internet          Tips  Sites: Finance, Investment

Sensex posts marginal gains

The market ended flat today amid mixed trends in Old and New Economy stocks.

After moving in a narrow range, the Bombay Stock Exchange (BSE) 30-share Sensitive Index (Sensex) closed with a minor gain of 3.22 points at 3,501.61.

Stocks displayed mixed trends ahead of the fast approaching deadline banning the carry-forward system of trading. Automobile and cement stocks lost ground. Buying support was seen in select heavyweight pivotals. News-specific buying was seen on select side counters.

The BSE Sensex opened flat at 3,499.32. It touched a low of 3,492.95 and a high of 3,519.13 before settling at 3,501.61, gaining 3.22 points over its previous close.

The National Stock Exchange's S & P CNX Nifty Index also gained marginal 0.35 point to settle at 1,127.50.

Turnover on BSE dropped to Rs 1,206.92 crore (Rs 1,300.73 crore on 12 June 2001) from 7.10 crore shares traded. Of the 1,457 issues traded, advances outnumbered declines with 776 gainers and 522 losers. 159 issues remained unchanged.

Pivotal stocks

Pivotal stocks displayed mixed trends.

Aluminium major Hindalco (up 2.96% to Rs 8.44.25) erased part of its Tuesday's losses on renewed buying support at lower levels. The stock had shed slightly over 6% on Tuesday on institutional selling.

Media major Zee Telefilms (up 2.73% to Rs 126.15) ruled firm on renewed institutional buying. The Zee stock topped volumes on BSE with 53 lakh shares being traded.

Selective buying was seen in heavyweight pivotals like Nestle (up 1.02% to Rs 527), State Bank of India (up 1.24% to Rs 217.15), Reliance Industries (up 1.05% to Rs 374.40), Hindustan Lever (up 0.03% to Rs 192.35) and ITC (up 0.13% to Rs 751.25).

NIIT (up 0.72% to Rs 433) also settled with a small gain on selective buying support.

Stocks like HPCL (up 1.25% to Rs 162), BSES (up 1.22% to Rs 194.85) and Glaxo (up 0.99% to Rs 338) settled in the positive zone.

On the other hand, automobile pivotals like Bajaj Auto (down 4.76% to Rs 267.40), M & M (down 1.99% to Rs 108.60) and Telco (down 1.88% to Rs 73.20) slipped on profit-booking.

Selling was seen in cement stocks like Grasim (down 1.42% to Rs 330.85), Gujarat Ambuja Cements (down 0.96% to Rs 185) and ACC (down 0.32% to Rs 138.85).

Tech stocks like Satyam Computer (down 0.86% to Rs 208.10) and Infosys Technologies (down 0.47% to Rs 3,820) settled in the red.

Selling was also seen in other Old Economy pivotals like Tata Steel (down 1.55% to Rs 130), Colgate (down 1.35% to Rs 163.85), Reliance Petroleum (down 0.97% to Rs 50.85), Bhel (down 0.36% to Rs 178.15), ICICI (down 0.33% to Rs 76.20) and Castrol (down 0.11% to Rs 229.75).

Tech stocks

Among non-Sensex tech stocks, Mphasis BFL (up 9.55% to Rs 219.10) crossed 8% upper limit of the circuit breaker ahead of the company's board meeting on 15 June 2001 to consider the private placement of equity.

Aztec Software (Rs 91.35) was frozen at 8% upper limit of the circuit breaker.

Buying was seen in Mascot Systems, PSI Data Systems, VisualSoft, Infotech Enterprises, Soffia Software, Mastek, SSI, Ramco Systems, Sierra Optima, Tata Elxsi, Fujitsu ICIM, Orient Information, Silverline Technologies, Hughes Software, Aptech, DSQ Software, Aftek Infosys and Tata Infotech.

Kale Consultants (down 5.83% to Rs 59.75) came off ahead of the announcement of its Q4 results. BSE imposed a 25% special margin on the stock.

Selling was also seen in other tech stocks like Pentasoft Technologies, Digital Equipment, Subex Systems, Geometric Software, Nucleus Software, Wipro, HCL Technologies and Trigyn Technologies.

Telecom stocks

Among telecom stocks, Goldstone Technologies (up 11.47% to Rs 36.45) crossed 8% upper limit of the circuit breaker.

Framatome Connectors (Rs 120.15), Vindhya Telelinks (Rs 67.95) and Birla Ericsson (Rs 32.90) were frozen at 8% upper limit of the circuit breaker.

Optical fibre makers Aksh Optifibre (up 1.23% to Rs 152) and Sterlite Optical (up 0.21% to Rs 435) ruled steady.

Selective buying was seen in stocks like Surana Telecom, Birla Ericsson, Usha Beltron, Nelco, VSNL, Shyam Telecom and ITI.

On the other hand, Punjab Communications (down 2.38% to Rs 45.05) declined ahead of the announcement of its quarterly results.

Mobile Telecom, Finolex Cables, Tata Telecom and Hughes Tele.com also slipped.

Media stocks

Media stocks like Creative Eye (Rs 22.30), Adlabs Films (Rs 74.45) and Cinevista Communications (Rs 62) were frozen at 8% upper limit of the circuit breaker.

Buying was also seen in other media stocks like Mid-Day Multimedia, Pritish Nandy Communications, Sri Adhikari Brothers, Balaji Telefilms, Vision Tech, Padmalaya Telefilms and Mukta Arts.

On the other hand, Jain Studios, Saregama India, Crest Communications, TV 18, Tips Industries and Pentamedia Graphics settled in the red.

Pharmaceutical stocks

Among non-Sensex pharmaceutical stocks, KDL Biotech (Rs 27.95) hit 8% upper limit of the circuit breaker.

Buying was also seen in other pharmaceutical stocks like Glenmark Pharma, Duphar Interfran, Panacea Biotech, Knoll Pharma, Abbott Laboratories, Kopran, Ipca Laboratories, Fulford, Lupin Laboratories, Wyeth Lederle, Novartis, Cadila Healthcare, Aurobindo Pharma and Torrent Pharma.

Stocks like Alembic, Parke Davis, Neuland Laboratories, J. B. Chemicals, FDC, Suven Pharma, Rhone Poulenc, Burroughs Wellcome, Morepen Laboratories, SmithKline Pharma, Astra IDL, Hoechst Marion Roussel and Sun Pharma settled in the red.

FMCG stocks

Among fast moving consumer goods (FMCG) stocks, VST Industries (up 7.30% to Rs 156.45) was firm after reports that British American Tobacco (BAT), which has a 32% stake in the company, has expressed its intention to raise its stake in the cigarette company. The move follows an interim stay granted by the Andhra Pradesh High Court on fresh acquisitions of VST shares by Bright Star Investments as well as ITC's wholly-owned subsidiary Russel Credit. Meanwhile, the General Insurance Corporation (GIC), which holds around 10% stake in VST, has announced that it has no plans to tender its shares against any of the on-going open offers.

Britannia Industries (up 3.63% to Rs 647.70) also rose further after the company announced that it would consider the proposal of buy-back of shares at its forthcoming board meeting on 14 June 2001.

Buying was also seen in other FMCG stocks like Bausch & Lomb, Britannia Industries, McDowell, Bata India, Kodak India, Gillette India, SmithKline Beecham Consumer Healthcare, Cadbury India and Tata Tea.

On the other hand, United Breweries, Nirma, Dabur India and Procter & Gamble settled in the red.

Banking and finance stocks

Among the banking and financial sector stocks, UTI Bank (up 2.49% to Rs 37.05) gained further ground on reports that the bank is in talks with a few foreign investors to place around 20% of its equity through a preferential allotment. According to reports, the bank officials are believed to have held talks with Citigroup, Fortis, and Commonwealth Development Corporation (CDC).

Buying was also seen in other banking stocks like Bank of India, Oriental Bank of Commerce, J & K Bank, Bank of Baroda, Federal Bank, Bank of Rajasthan, Vysya Bank, United Western Bank, IDBI Bank and IndusInd Bank.

Nedungadi Bank, Corporation Bank, HDFC Bank, Global Trust Bank and ICICI Bank settled in the red.

Side counters

Among side counters, Bombay Dyeing (Rs 45.95) was frozen at 16% upper limit of the circuit breaker on reports that the company will consider a proposal of buy-back of shares at its board meeting on 14 June 2001.

Philips India (up 12.07% to Rs 78) posted gains on renewed buying support as rumours of an open offer from the company's Dutch parent resurfaced.

Nath Seeds (up 10.71% to Rs 32.55), Parekh Platinum (up 8.31% to Rs 22.15) and TVS Electronics (up 8.06% to Rs 36.20) crossed 8% upper limit of the circuit breaker.

MNC stocks like Foseco India (Rs 83.90), Colour Chem (Rs 56.35) and Sesa Goa (Rs 58.45) hit 8% upper limit of the circuit breaker.

Local stocks like Shervani Industrial (Rs 36.20), Welspun India (Rs 59.25), C Mac Centum (Rs 25.25) and HBL Nife Power (Rs 24.85) hit 8% upper limit of the circuit breaker.

Jaiprakash Industries (up 0.77% to Rs 32.85) gained marginally even after the company posted impressive FY 2001 results on Tuesday, after market hours. For the year ended 31 March 2001, the engineering and cement major posted a 143.29% rise in net profit to Rs 98.75 crore on sales of Rs 1,731.93 crore (Rs 1,349.53 crore).

Buying was also seen on other side counters like Saw Pipes, Tata Infomedia, Birla 3M, Gati Corporation, Elbee Services, Western Hatcheries, Clariant, ONGC, Monsanto India, Rallis India, Essel Packaging, Indo-Gulf Corp, Thomas Cook, Shree Rama Multitech, Adani Exports, United Phosphorus, Blue Dart Express, Aventis Cropscience and Ashok Leyland.

On the other hand, Syngenta India (Rs 61.60) hit 8% lower limit of the circuit breaker on lower-than-expected FY 2001 results announced on Tuesday, after market hours. For the year ended 31 March 2001, the life sciences major posted a net profit of Rs 10.70 crore on sales of Rs 356.30 crore. There are no comparable figures for the previous year.

Selling was also seen on other side counters like Cabot India, Apollo Hospitals, Ucal Fuel, Century Enka, Mirc Electronics, Modi Rubber, BPCL, Nalco, Tata Chemicals, ABB, Apollo Tyres, Raymond, Balrampur Chini, Moser Baer, Bharat Electronics, ICI India, Ingersoll Rand and IPCL.

Source: www.capitalmarket.com

Money

Market Report

Tell us what you think of this report