Financial Daily from THE HINDU group of publications
Wednesday, Jul 23, 2003
Financial Daily from THE HINDU group of publications Wednesday, Jul 23, 2003 |
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Markets
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Commentary Columns - Sensor Slide in old economy stocks continues Krishnan Thiagarajan
THE BSE Sensex was caught in a bearish grip for the second consecutive day of trading this week. The Sensex was down by 15.45 points (or 0.43 per cent) to close for the day at 3554.13 points. The old economy stocks continued to take a beating, with cement, steel, automobile and banking being the prominent losers during the day's trading. For the second day, quite a few PSU stocks ended in the negative territory as concerns over the Government's pace of disinvestment came to the fore. The Sensex opened for the day at 3557.13 points, touched a high of 3582.08 and a low of 3534.06, before closing the day at the mid-way point of the intra-day high and low. Among the index heavyweights, the stocks, which ended in the positive territory, were Hindustan Lever and Infosys Technologies. These stocks had shed value on Monday's trading. The other key Sensex constituents such as Reliance Industries, State Bank of India, Ranbaxy Laboratories and HPCL ended up recording losses during the day. Out of 1,964 stocks traded on Tuesday, the advances to declines ratio stood at 0.60, with 700 stocks gaining in value while 1163 stocks registered declines. Among the prominent gainers during the day were Kalyani Steel, Shaw Wallace, Tata Infomedia, ING Vysya Bank, Kopran, Bombay Dyeing, Mercator Lines and Bharti Tele Ventures. Bolstered by robust trading volumes, the Kalyani Steel stock was the significant gainer during the day, with the stock appreciating by Rs. 5.2 (or 12.5 per cent) to settle for the day at Rs. 46.7. The trading volumes in the stock rose from 6.41 lakh shares on Monday's trading to 13.86 lakh shares during the day. The Tata Infomedia stock resumed its upward march after recording a decline on Monday's trading. The stock jumped by Rs. 14 (or 10.2 per cent) to close for the day at Rs. 159.15. It appears to have regained all its losses suffered on Monday. Compared to 1.15 lakh shares traded on Monday, the trading volumes in the stock rose to1.44 lakh shares during the day. The Mercator Lines stock remained in the limelight with the stock gaining Rs. 5.15 at Rs. 80.40. However, the trading volumes in the stock have turned sluggish, dropping from 3.24 lakh shares on Monday's trading to 2.67 lakh shares during the day. The stock had shot into the limelight last week following a Rs 100-crore order bagged by the company from MRPL. In the run-up to the earnings announcement on July 23, the Bharti Tele Ventures stock appreciated by Rs. 2.5 to settle at Rs. 44.2. The trading volumes in the counter rose from 11.57 lakh shares on Monday to 14.64 lakh shares during the day. The significant losers during the day were banking stocks such as Bank of Rajasthan, Oriental Bank of Commerce, Bank of Baroda and Punjab National Bank. The other losers were Ashok Leyland, BPL, IDBI, Tata Tea and Jindal Strips.
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