BOMBAY, 26 August — On Monday, the BSE closed at 3,278.92 and the NSE at 1,063.75. Satyam Computer, Hughes Software, HCL Technologies, NIIT and SSI were major losers while Infosys Technologies, Wipro and Digital Equipment were gainers. Most of the Old Economy stocks retreated sharply. Telco, Reliance Petroleum, MTNL were major losers.
Pharma major Ranbaxy Laboratories recovered from the day’s low after the company received approval from the Drug Controller General of India for launching the medication, Ciprofloxican. Buying was also seen in the fast moving consumer goods (FMCG) and automobile sectors.
Hindustan Lever, Cadbury, Dabur, Escorts, TVS Suzuki and Sundaram Fasteners posted gains.
On Tuesday the BSE closed at 3,297.43 and the NSE at 1,068.70.
Buying was seen in New as well as Old Economy stocks. Zee Telefilms was the star of the day and saw sustained buying upon reports that Zee’s promoters, the Essel group, had sold 25,00,000 shares, representing a 0.6 percent stake, to a foreign institutional investor (FII). Telco saw selling in the wake of reports that credit rating agency ICRA had downgraded its proposed Rs.2.56 billion non-convertible debenture (NCD) issue (a part of its planned Rs.9.78 billion rights issue) to LAA- from LAA.
Simultaneously ICRA also lowered the ratings of three of Telco’s existing NCD issues, with an aggregate worth of Rs.8.50 billion, to LAA- from LAA. United Breweries was up after it announced that it had received an overwhelming response to its offer to sell a 26 percent stake to a strategic partner.
The market was closed on Wednesday.
On Thursday, the BSE closed at 3,308.79 and the NSE at 1,071.50. The moods were cautious with a possible political crisis with the Tehelka issue raising its ugly head again. Pharma stocks were in the limelight. Dr Reddy’s Laboratories was seen on the buyers list following rumors that it had exported large quantities of a generic form of Prozac, after getting approval from the US Food and Drug Administration.
Ranbaxy Laboratories crossed the Rs.600-mark on reports that the US appeals court had overturned a lower court order prohibiting the company from selling a generic version of cefuroxime axetil.
Selling in Old Economy pivotals like Bajaj Auto, Tata Steel, M&M, BSES and Bhel anchored Sensex gains.
On Friday the BSE closed at 3,305.51 and the NSE at 1,069.15. Turnover on BSE was at Rs. 8,483.1 million. Of the 1,480 issues traded, declines out-numbered advances with 676 losers and 649 gainers. 155 issues remained unchanged.
Gold was at Rs. 4,525/- per 10 gms and silver was at Rs. 7,140/- per Kg.
US dollar was at Rs.47.12, pound sterling at Rs.68.22, Deutsche mark at Rs.22.07, euro at Rs.43.16, UAE dirham at Rs.12.83, Kuwaiti dinar at Rs.153.89, Bahraini dinar at Rs.124.99, Saudi riyal at Rs.12.56, Qatari riyal at Rs.12.94 and Omani riyal at Rs. 122.40.
