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Market remains steady

The market moved in a narrow range in afternoon trades after a steady opening on Friday. While buying by funds continued in select heavyweight stocks, speculative unwinding was on in some counters where outstanding long positions were high.

The BSE Sensex, meanwhile, moved in the 3,415-3,430 range. At 12:45 IST, the Sensex was up 15 points to 3,420.

The NSE S & P Nifty Index was also up 3.50 points to 1,097.50.

Bhel (up 3.62% to Rs 170.50) was the top gainer among Sensex stocks on renewed institutional buying at the lower levels.

Dr Reddy's Laboratories (up 2.36% to Rs 1,615) held gains on continued buying by funds. While foreign funds have been restricted from taking fresh positions in Dr Reddy's by the Reserve Bank of India (RBI) without its permission, local funds were informed to be active on the counter.

Heavyweight pivotals like Hindustan Lever (up 3.12% to Rs 203.15), Infosys Technologies (up 1.69% to Rs 3,666.70) and Reliance Industries (up 0.36% to Rs 363.75) remained steady on institutional buying interest.

MTNL (up 1.20% to Rs 126.50) remained steady after recovering from the lower levels.

ICICI (down 2.45% to Rs 71.60) remained weak on continued selling.

Pharmaceutical pivotals like Ranbaxy Laboratories (down 2.41% to Rs 487.50) and Glaxo (down 1.30% to Rs 322.80) were subdued.

Steel major Tata Steel (down 1.79% to Rs 115.50) remained in the red on continued unwinding of long positions.

Selling continued in SBI (down 1.05% to Rs 217.50), Castrol (down 0.91% to Rs 218.60), Telco (down 0.72% to Rs 62.25), BSES (down 0.67% to Rs 193.70), ITC (down 0.51% to Rs 768.30), Bajaj Auto (down 0.54% to Rs 257.20) and M & M (down 0.42% to Rs 82.30).

Selling was seen in non-Sensex tech stocks like Mindteck, Mphasis BFL, e-serve International, Aptech, Tata Infotech and PSI Data Systems.

Among telecom stocks, Krone Communications (up 12.78% to Rs 124), Tata Telecom (up 8.68% to Rs 82), Goldstone Technologies (up 12.16% to Rs 26.75) and Punjab Communications (up 9.21% to Rs 41.50) continued to trade above the 8% upper limit of the circuit breaker.

Selective buying continued in telecom stocks like Mobile Telecom, Vindhya Telelink, Shyam Telecom, Birla Ericsson, Finolex Cables, Sterlite Optical and Framatome Connectors.

Media major Crest Communications (Rs 66.40) hit the 16% upper limit of the circuit breaker on impressive FY 2001 results.

Among non-Sensex pharmaceutical stocks, Krebs Biochem (Rs 90.70) hit the 8% upper limit of the circuit breaker.

Buying continued in pharma stocks like KDL Biotech, Suven Pharma, Abbott Laboratories, Torrent Pharma, Shasun Chemicals, German Remedies, Wyeth Lederele, J B Chemicals, Morepen Laboratories, Kopran, Ipca Laboratories and Hoechst Marion Roussel.

On the other hand, Sun Pharma, Fulford, Knoll Pharma, Astra-IDL, Alembic, Parke-Davis, Novartis, Glenmark, SmithKline Beecham, E Merck, Cadila Healthcare, Rhone Poulenc, Nicholas Piramal, Wockhardt and Pfizer were trading in the red.

Among side counters, Nath Seeds (up 11.17% to Rs 31.85), Vikas WSP (up 10.73% to Rs 21.15) and TVS Electronics (down 10.78% to Rs 33.90) were trading above the 8% upper limit of the circuit breaker.

Source: www.capitalmarket.com

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