Back FMCG, auto, media stocks propel markets
Radhika Kamath
THE markets negated the bearish sentiment that prevailed on Thursday and rallied up as they closed the week at an all-time high.
The Sensex opened 15.3 points lower than its earlier close, reached an all-time high of 7,178 during the intra-day trade while it closed at 7,148.6. The S&P CNX Nifty opened on a flat note at 2,184, reached a high of 2,204.5, while it closed at 2,194.4. Sustained buying by the FIIs, coupled by the progress of the monsoon across the country helped the bellwether indices attain record highs.
On Friday, the markets opened on a negative note amid profit booking among banking and technology stocks. However, strong buying support from FIIs and bullish sentiment among FMCG, auto, media and capital goods stocks helped the markets recover from the negative territoryThe undertone in the markets remained highly bullish. While 845 stocks advanced, 397 shed value. Despite weakness in global markets and crude prices touching an all-time high, the markets stayed buoyant. While the Sensex gained 3.5 per cent in the week, Nifty recorded a gain of 3.3 per cent. Most of the mid-cap and small-cap stocks witnessed hectic activity. The BSE Mid-cap and CNX Mid-cap 200 were up by 0.7 per cent on an average.
Spurred by the pick up in the monsoon activity, FMCG stocks flared up. HLL was a significant gainer, which added Rs 8.2 to close at Rs 163.3. ITC also surged by 1.8 per cent. Other gainers were Tata Tea, Gillette, Colgate-Palmolive, Tata Coffee, Nirma, Ruchi Soya and McDowell.
There was widespread action across the counters of auto stocks. Hero Honda, which launched its new model Glamour on Thursday, was up by 3.8 per cent. Maruti, Tata Motors, TVS Motors, Bajaj Auto, MRF and Bharat Forge recorded smart gains. Extending yesterday's gains, Amara Raja Batteries surged by 8.8 per cent as it closed at Rs 163.4. However, M&M, Punjab Tractors and Apollo Tyres suffered losses.
Most of the pharma and capital goods stocks witnessed fresh buying interest. Dishman Pharma, Glenmark Pharma, Matrix Lab and Lupin ended the day with respectable gains.
Among the capital goods stocks, Greaves Cotton, Praj Industries, L&T, Alstom Projects and HMT ended with strong gains. However, profit-booking in Alfa Laval, Gammon India, Dredging Corporation and Siemens kept them in the red.
Media stocks stayed in limelight and attracted fresh buying interest. Mid-Day Multimedia, Deccan Chronicle and TV Today surged by 4.3 per cent, 5.4 per cent and 2.1 per cent, respectively.
Most of the technology heavyweights continued to be dampers on the sentiment during the day with stocks such as Infosys, Wipro, Satyam, Igate Global and MphasiS BFL shedding considerable value. However, TCS, Hexaware, HCL Technologies, Polaris and Geometric Software managed to buck the negative trend.
Metal stocks witnessed mixed action. While the bulls were active among Tata Sponge Iron, Hindalco, Ispat, Vesuvius and Jindal Steel, Sesa Goa, Tata Steel, SAIL, Hindustan Zinc, and Jindal Stainless came in for selling pressure.
Banking stocks remained out of favour. Vijaya Bank, Oriental Bank, SBI, UTI Bank and Kotak Bank succumbed to the bear attack.
ONGC was up by 1.6 per cent after the Ministry cleared its naphtha-based petrochemical plant in Mangalore. BPCL, GAIL and Hindustan Oil Exploration ruled firm.
Other notable gainers on the Nifty were Balaji Telefilms, Balrampur Chini, Berger Paints, IVRCL, Monsanto and Pantaloon Retail.
Those that shed considerable value were Thermax, Shoppers' Stop, Raymond, Madras Cements, Indian Hotels, GE Shipping, Gokaldas Exports and Ajanta Pharma.
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