BOMBAY, 12 August — On Monday the BSE closed at 3,329.95 and the NSE at 1,075.25. The market displayed mixed trends.
While Old Economy stocks rose, New Economy stocks shed their earlier gains. Zee Telefilms recovered and closed the day at Rs.96.80 to make way for the strategic partner.
State Bank of India declined sharply from an intra-day high of Rs.213.70 on profit-booking. Bajaj Auto saw buying based on the company’s decision to send a delegation to China to explore marketing possibilities. Cement scrips such as L & T, Gujarat Ambuja Cements and Grasim gained after cement companies raised prices by up to 4 percent per 50 kg bag in Maharashtra.
VSNL saw selling following reports that the divestment in the state-run telecom major may be delayed by a couple of months because bidders want more time to study the company.
On Tuesday the BSE closed at 3,319.67 and the NSE at 1,072.10. While tech stocks declined, Old Economy stocks displayed mixed trends.
Stock-specific buying support was seen on select counters. Satyam Computer slipped to Rs.151.70 before settling at Rs.153.35, down 3.33 percent from its previous close. FIIs are said to be big sellers on this counter. NIIT and Infosys saw selling.
Old Economy stocks such as Reliance Petroleum, Tata Steel, Hindalco Gujarat Ambuja Cements, L&T and MTNL closed in the red.
Reliance Industries saw buying following a price hike in some products.
In media stocks, Saregama India (HMV earlier) ended in the positive zone. Sterlite Industries slipped from an intra-day high of Rs.125.35 after the company announced that it would buy back shares at a price not exceeding Rs. 200.
On Wednesday the BSE closed at 3,302.32 and the NSE at 1,068. While Old Economy stocks slipped, buying support was seen in New Economy and defensive sector stocks. Lubricants major Castrol zoomed following a court ruling directing the company’s new parent, BP Amoco, to make an open offer to shareholders of Rs.350 per share.
HCL Technologies saw selling after the company projected slower growth in the current year. Hughes Tele.com saw renewed buying. Balaji Telefilms hit 8 percent upper limit of the circuit breaker.
On Thursday the BSE closed at 3,319.61 and the NSE at 1,070.65. Buying support was seen in defensive and Old Economy heavyweights.
Fast moving consumer goods (FMCG) stocks gained ground. Players said that investor interest is slowly shifting to cash group stocks, which have attractive valuations and provide opportunity for speculation.
ITW Signode hit 20 percent upper limit of the circuit breaker, for the second time in a row, following an announcement by US-based Illinois Tool Works of a public offer to buy the public’s 49 percent holding in the Indian subsidiary at Rs.80 per share.
Hero Honda Motors ruled firm on good buying support. It posted a 31 percent jump in Q1 net profit to Rs.788.1 million on an equal (31 percent) rise in sales to Rs.9,519.9 million.
On Friday, the BSE closed at 3,316.21 and the NSE at 1,071.15. Of the 1,499 issues traded, declines outnumbered advances with 697 losers and 625 gainers. 177 issues remained unchanged.
Buying was seen in some New as well as Old Economy stocks. Heavyweight pivotals were subdued on selling pressure.
Meanwhile, Reliance Petroleum (up 3.23 percent to Rs.44.70) moved up.
Gujarat Ambuja Cements ended at Rs.166 on renewed buying support. Telco was up at Rs.76.55. The company has announced that its domestic sales in July 2001 grew 4.2 percent to 11,781 vehicles from 11,309 in the same month a year ago. However, compared to June 2001, sales were 1.9 percent lower. HDFC was steady and announced that it plans to raise capital in the US in the next few years.
Gold was Rs. 4,400/- per 10 gms and silver was Rs. 7,115/- per Kg.
US dollar was at Rs.47.12, pound sterling at Rs. 67.16, Deutsche mark at Rs.21.50, euro at Rs.42.11, UAE dirham at Rs.12.83, Kuwaiti dinar at Rs.153.94, Bahraini dinar at Rs.125.03, Saudi riyal at Rs.12.57, Qatari riyal at Rs.12.95 and Omani riyal at Rs. 122.43.
