BOMBAY, 14 September 2003 — On Monday the BSE ended the day with a gain of 65.08 points. Pharma stocks like Ranbaxy Labs, Cipla and Dr Reddy’s Labs were high up on the buyers shopping list, amid an improved outlook for the Indian pharma sector post-2005, when the WTO regime comes into effect.
Tech major HCL Technologies surged on expectations of improved Q4 and FY 2002-03.
Reliance Industries jumped up to a new 52-week high following an improved outlook for the company’s products. If one may recollect, the company, effective from Sept. 1, 2003, hiked the prices of its products by 2.4 percent-10 percent.
On Tuesday the BSE ended the day with a loss of a modest 9.05 points at 4,425.20. Punters seemed to be in a cautious mood after the galloping gains of the previous few days.
Stocks like Infosys Technologies, Nestle India, L & T and Dr Reddy’s Labs managed to buck the overall weakness of the market.
Despite the overall mood of selling, Infosys Technologies was very much in demand on reports that the company has bagged a five-year contract for software development and maintenance worth nearly $50 million from Telstra Corp.
On the other hand, GlaxoSmithKline was one of the major losers of the day due to profit-taking. The stock has been riding the bull crest over the past few sessions on reports that the MNC pharma major is setting up a clinical trial base in the country.
On Wednesday, the BSE ended the day with a marginal gain of 9.06 points at 4,434.26.
ONGC was in the limelight due to market rumors that a bonus is in the offing from the company.
BHEL was also up after the company said it has won a Rs. 360 million order for a water management project in Chennai.
L&T ruled high after Merrill Lynch revised upward the earnings estimates and price target of the stock.
On Thursday, the markets continued to remain volatile and the BSE Sensex was down 41.13 points at 4,393.13.
In specific stocks, PSU steel major, SAIL bounced back on reports that it has hiked prices of hot rolled coil prices by Rs. 500 per ton this week.
And on Friday, the market had a disastrous day with the BSE losing 87.22 points, or 1.99 percent, at 4,305.91. With this, the Sensex lost 63.26 points for the week.
Of the 1,994 issues traded on the bourse, declines outnumbered advances, with 1,291 losers and 597 gainers. 106 issues ended unchanged.
Maruti Udyog was down on news that its production continues to be hit by a strike at a leading supplier of components to the carmaker.
Arvind Mills was also down after the company said it is facing pricing pressure and an increase in stocks.
Chennai Petroleum was down as its turned ex-dividend after a yield of Rs. 3.50 per share earlier.
Gold was at Rs. 5,720/- per 10 gms and silver was at Rs. 8,500/- per Kg.
US dollar was at Rs. 47.36, pound sterling at Rs. 73.10, euro at Rs. 51.36, UAE dirham at Rs. 12.44, Kuwaiti dinar at Rs. 153.23, Bahraini dinar at Rs. 121.21, Saudi riyal at Rs. 12.18, Qatari riyal at Rs.12.55 and Omani riyal at Rs.118.70.