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Home > Business > Market Report

Sensex ends with 3-point loss

July 01, 2003 17:20 IST

The Sensex opened 11 points higher at 3,618, and immediately spurted to an intra-day high of 3,623. The index moved in a 38-point range (high of 3,623 and low of 3,585) today.

Weak cement stocks dragged the index into negative zone - with PSUs, heavyweights and auto stocks also contributing to the weakness. Though pharma stocks bucked the downtrend and ended with gains, the Sensex finally finished three points lower at 3,604. The Nifty also lost three points to close at 1,131.

While 18 Sensex stocks declined, 12 advanced today. The traded volume and value of the index scrips totalled 1.54 crore and Rs 464.07 crore, respectively.

PSU frontliners largely finished with losses. HPCL and SBI were down a per cent each at Rs 344 (down Rs 5) and Rs 382 (down Rs 2), respectively. MTNL also declined. BHEL, however, traded firm throughout the session and moved up 4% (Rs 11) to Rs 280.

Cement stocks, too, ended with steep loses. Gujarat Ambuja and ACC ended 2% lower at Rs 200 (down Rs 5) and Rs 164 (down Rs 3), respectively. While L&T lost Rs 2 to Rs 243, Grasim was marginally lower at Rs 501.

Auto stocks also lost ground on selling pressure. Bajaj, which reported a 11% increase in motorcycles sales for the first quarter, ended with a loss of a per cent (Rs 4) at Rs 570. Hero Honda, which reported a 9% sales growth for the first quarter, slipped a per cent (Rs 2) to Rs 251. Telco, however, gained ground on buying support and added Rs 2 to Rs 200.

Pharma majors ended with substantial gains on buying support. Glaxo, on renewed buying support, clocked 4% gains (Rs 16) to Rs 373. Ranbaxy gained 2% (Rs 14) to Rs 799. Dr. Reddy's, after trading in and out of positive zone, finished with a marginal gain of Rs 2 at Rs 1,097. Cipla, however, lost Rs 7 to Rs 748.

Heavyweights were divergent. Reliance and HLL closed marginally higher at Rs 326 and Rs 179, respectively. ITC, however, came under profit-booking and dropped 2% (Rs 12) to Rs 754.

Tech pivotals finished on a mixed note. HCL Tech lost Rs 2 to Rs 152, and Satyam was down a rupee at Rs 191. Infosys, however, ended with gains at Rs 3,305 - up Rs 40.

Tisco and Zee ended in the gainers list at Rs 170 and Rs 90, respectively.

Pharma stocks proved to be major winners in a range-bound market today. Cadila soared 13% (Rs 23) to Rs 198. Aurobindo, JB Pharma and Torrent Pharma, too, finished with substantial gains.

Tech stocks finished at lower levels. E-Serve, Digital and Mastek lost 2% each to Rs 549 (down Rs 14), Rs 439 (down Rs 8) and Rs 292 (down Rs 6), respectively. Wipro and Hughes were down a per cent each at Rs 936 (down Rs 11) and Rs 226 (down Rs 2), respectively.

i-flex touched an intra-day high of Rs 1,080 after the announcement of 1:1 bonus and hike in FII limit to 60%. The stock slipped on profit-taking, and finally finished up a per cent (Rs 9) at Rs 1,031.

German Remdies hit the upper circuit breaker of 10% for the second consecutive day, and ended with a gain of Rs 25 at Rs 278.

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