Indian Stock Markets- Daily Round-up - June 18, 1999
Markets reacts as operators square positions
Today being the last day of settlement on the BSE, most operators squared their positions in the pivotals. The Sensex lost 15.36 points (0.37%) after gaining over 250 points during the week. The intra day high and low was 4166.54 and 4105.38 respectively. The Nifty lost 1.20 points to close at 1175.15 points, a fall of 0.10 % Overnight gains by Dow, NASDAQ and even Nikkei resulted in the decline being restricted to a few stocks. There was a mild technical correction in stocks like L&T and SBI.
Volumes were Rs13.55bn (down 7.19%). Counters, which saw huge trading, were SBI (volume of Rs1.14bn), Reliance (volume of Rs1.10bn), Pentafour (volume of Rs1.05bn), Satyam Computers (volume of Rs1.03bn), ITC (volume of Rs1.01bn) and Tisco (volume of Rs0.98bn).
FIIs were net sellers on Thursday by a paltry Rs19.8mn.
In the forex market, rupee was slightly weak against the dollar at Rs43.145 against yesterday's close of Rs43.140.
The top performers included East India Hotels (up 8% at Rs209.5), Bata (up 8% at Rs266.5), Citicorp Securities (up 8% at Rs96.2), Tisco (up 7.3% at Rs145.9), Indian Rayon (up 7.3% at Rs133), Gujarat Alkalies (up 6.2% at Rs28), Hotel Leela (up 5.9% at Rs29.5) and United Phosphorus (up 5.8% at Rs117.4).
Stocks that hit their 52 week high included Mahindra & Mahindra at Rs287 before closing at Rs272, Hind Lever hit a high of Rs2428 before closing at Rs2409, BASF at Rs240 before closing at Rs237, Tisco at Rs146.9 before closing at Rs145, Ballarpur Industries at Rs56 before closing at Rs56.
Stocks that lost ground included BoI (down 7.8% at Rs20), Century Textiles(down 5.1% at Rs50) and BoB (down 4.3% at Rs55)
Refinery stocks were again in the limelight. IOCL gained 3.04% to close at Rs410, HPCL gained 1.5% to close at Rs254.55 and BPCL gained 4.55 % to close at Rs262.
Software stocks continue to lose ground. Infosys closed at Rs3080 (down 1.88%), Satyam closed at Rs1150 (down 1.88 %), Pentafour closed at Rs940 (down 1.78%) and Digital closed at Rs450 (down 2.39%).
Other major losers were L&T which lost 1.74% to close at Rs299.20, Zee Telefilms closed lower at Rs1386 down 1.81%, Bajaj Auto closed at Rs538 down 2% and Thermax closed at Rs165 down 2.65%.
Badla rates are not expected to be high and the sentiment is definitely bullish. If there is no fresh trouble in Kargil, the market is likely to open higher on Monday when the new settlement starts on BSE.
Have a great weekend.
Sentimentally yours,
Street Walker (Probity-India)
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