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PSU, tech and heavyweights gain; RIL eases further
May 07, 2003 12:25 IST
Gains in PSU, tech and select heavyweights helped the market trade in the positive territory, even as the Old Economy stocks remained soft on profit booking after recent gains. PSU stocks held gains on selective buying interest on hopes that the government's disinvestment programme may gather steam. Defensive sector pivotals were trading mostly lower.
The MQ 2003 results of India Inc. have largely been driving the market sentiment of late. The results, particularly of tech companies, have turned out to be disappointing. Yet, encouraging performance from companies in the Old Economy segment has helped the market to a certain extent.
At 11:45 IST, the BSE Sensex was trading 4.40 points higher at 2,997.40.
The NSE S & P CNX Nifty Index was up 2.20 points at 954.05.
MTNL (up 2.30% to Rs 97.80) rose again, as buying interest resumed on the counter. The MTNL stock has been rising of late after the company announced new tariff structure for its telecom services. There are expectations that the company, which is cash-rich, may declare a huge dividend. Institutions are also accumulating the stock due to its attractive valuation. Over 1.70 lakh MTNL shares were traded on BSE so far.
Bhel (up 1.03% to Rs 244.80) rose to touch its new 52-week high of Rs 244.90 on sustained buying interest following the passing of the Electricity Bill in the upper house of the Parliament.
Heavyweigths Hindustan Lever (up 1.60% to Rs 139.55), ITC (up 0.54% to Rs 685.30) and State Bank of India (up 0.23% to Rs 287.80) helped the Sensex to trade in the positive territory.
Tech pivotals Satyam Computer (up 1.46% to Rs 169.80), HCL Tech (up 1% to Rs 141.80) and Infosys Tech (up 0.73% to Rs 3,010) rose on selective buying interest after somewhat volatile opening.
Other pivotals Grasim (up 1.30% to Rs 361.35), Castrol India (up 0.72% to Rs 189.50), GlaxoSmithKline (up 0.18% to Rs 331) and Hindalco (up 0.12% to Rs 631.95) were also trading in the positive territory.
Cement pivotals L & T (down 2% to Rs 203.30), ACC (down 1.05% to Rs 132.40) and Gujarat Ambuja Cements (down 0.73% to Rs 170.60) remained subdued on profit booking after recent gains from the lower levels.
Reliance Industries (down 1.08% to Rs 266.65) slipped deeper into the red on sustained selling pressure on the counter.
Other Old Economy pivotals Tata Steel (down 1.22% to Rs 134), HDFC (down 0.86% to Rs 341.50), ICICI Bank (down 0.66% to Rs 120.10), HPCL (down 0.67% to Rs 296.90), Bajaj Auto (down 0.39% to Rs 483.74), BSES (down 0.37% to Rs 217.50) and Telco (down 0.22% to Rs 159.50) were also trading lower on selling pressure.
Defensive sector pivotals Dr Reddy's Labs (down 1.16% to Rs 865.85), Colgate Palmolive (down 1.13% to Rs 131), Nestle India (down 0.55% to Rs 532), Cipla (down 0.51% to Rs 641) and Ranbaxy Labs (down 0.36% to Rs 674.90) remained subdued on sustained selling pressure.
Hughes Software (up 3.83% to Rs 221) gained further ground as buying interest continued on the counter, almost unabated. Over 6.71 lakh Hughes Software shares were already traded on BSE so far.
Mascot Systems (up 2.81% to Rs 98.95) held gains on selective buying interest ahead of the announcement of quarterly results.
Wipro (up 2.48% to Rs 935) gained further ground on sustained buying interest amid rumours that the company has bagged an overseas order. Over 2.50 lakh Wipro shares were already traded on BSE so far.
Other non-Sensex frontline tech stock SSI (up 1.24% to Rs 65.55), Digital GlobalSoft (up 1.19% to Rs 563), NIIT (up 1.07% to Rs 132.20), I-flex solutions (up 0.94% to Rs 862) and Polaris Software (up 0.67% to Rs 128.30) were also trading in the positive zone on buying interest.
Shipping Corporation of India (up 1.21% to Rs 71.25) was trading steady after the government re-started the disinvestment process for the shipping major by calling expressions of interest (EoIs) from interested parties. The bidders of SCI are required to have a minimum net worth of Rs 1,000 crore. Over 2.65 lakh SCI shares were traded on BSE so far.
ONGC (up 1.70% to Rs 370.70) remained steady on selective buying following reports earlier this week that the company has found 600-700 billion cubic feet of natural gas reserves in the western state of Rajasthan.
Other PSU stocks HMT (up 5.17% to Rs 18.30), RCF (up 3.11% to Rs 26.55), FACT (up 2.99% to Rs 25.85), National Fertilizers (up 2.53% to Rs 36.50), Engineers India (up 1.97% to Rs 266.05), ITI (up 1.91% to Rs 16), Bharat Earth Movers (up 1.86% to Rs 73.90), Indian Oil (up 1.18% to Rs 249.05), Kochi Refineries (up 1.16% to Rs 69.60), Neyveli Lignite (up 1.27% to Rs 31.80), Steel Authority of India (up 1.08% to Rs 9.35), BPCL (up 0.83% to Rs 248.15) and Chennai Petroleum (up 0.80% to Rs 44.25) also attracted selective buying interest.
Hind Organic Chemicals (down 2.04% to Rs 19.25), Nalco (down 1.50% to Rs 88.45), Balmer Lawrie (down 1.17% to Rs 80.30), Bongaigaon Refineries (down 1.36% to Rs 21.70), Gas Authority of India (down 0.75% to Rs 79.60), Bharat Electronics (down 0.20% to Rs 254.25) and Container Corp (down 0.18% to Rs 255) were trading lower on selling pressure.