Market News:Tata Group Blue Chips in the Limelight (at 14:30 Hours IST)
Encouraged by the positive developments on the economic and political front, the operators made aggressive purchases on the bourses, as the new settlement commenced on the Bombay Stock Exchange (BSE), pushing up the BSE 30-Share Sensitive Index (Sensex) by over 100 points.
Players inform that while the foreign institutional investors (FIIs) have been net sellers for the month of August, it is the retail inflow that is driving the market towards a new high. Even the domestic funds are reported to be making select purchases on the bourses.
Given the renewed buying interest at the time of closing on last Friday, it was expected that the market will open firm with a huge gap on Monday. The indices spurted on the renewed speculative and retail interest. The Sensex opened with a gap of 70 points at 4713.34 and continued to move up. At 4766.79, it is just 45 points short of its new all-time-high. Players say that given the euphoria, the Sensex may touch a new high either today or tomorrow.
Tata group blue chips were in the limelight as they are the counters, largely responsible for the 100-plus point gain of the Sensex. Tata Power (Rs 100.20) hit the upper limit of circuit breaker on the BSE Tata Steel, at Rs 156.90, was close to its upper limit of circuit breaker. Auto major Tata Engineering crossed Rs 300-mark to hit the upper limit of circuit breaker at Rs 307.15. The Tata Chemicals counter firmed up on renewed buying interest. The Tata group hospitality major Indian Hotels counter was also firm on renewed buying.
Pivotals, led by the Reliance Industries counter, were firm on renewed retail interest. According to players, the stock price may cross Rs 200-mark this week. Speculative interest was reported on State Bank, ITC and Hind Lever counters.
Buying interest was observed almost across-the-board with software and pharma counters leading the pack. While the front line software counters like Infosys Technologies, NIIT, Satyam Computer and Pentafour Software were subdued, counters like KLG Systel (Rs 235.80), CMC (Rs 540), R S Software (Rs 253.45), Aftek Infosys (Rs 332.80), Cyber tech Systems (Rs 366.75), Leading edge Systems (Rs 345.25), DSQ Software (Rs 257.05) and Orient Information (Rs 84.25) hit the upper limits of circuit breaker. Among the pharmaceuticals, Nicholas Piramal (Rs 441.05), Kopran (Rs 156.60), German Remedies (Rs 1032.45), Parke Davis (Rs 393) and Torrent Pharma (Rs 208.90) hit the upper limit of circuit breaker.
Institutional as well as speculative activity was reported on select multinational counters. Counters like Carrier Aircon (Rs 209.75), ABB (Rs 452.80), Birla 3M (Rs 685.10), Sesa Goa (Rs 183.65) and Alfa Laval (Rs 237.10) hit the upper limit of circuit breaker. Private sector refinery counters like Reliance Petroleum (Rs 40.55) and MRPL (Rs 25.40) hit the upper limit of circuit breaker. Pesticide counters like United Phosphorus (Rs 217.75) and Excel Industries (Rs 458.95) also hit the upper limits of circuit breaker. Media software majors Zee Telefilms (Rs 2913.80) and Sri Adhikari Brothers (Rs 344.75) hit the upper limit of circuit breaker. Sugar counters like Dhampur Sugars (Rs 29.75) and Bannari Amman Sugars (Rs 118.75) hit upper limits of circuit breaker.
Side counters were firm on continued retail interest. Shares like Autolec Industries (Rs 108.30), Bharat Electronics (Rs 56.25), CESC (Rs 45), ABG Heavy Industries (Rs 53.05), Jaiprakash Industries (Rs 50.75), Snowcem (Rs 167), Camlin (Rs 209), S Kumar's Synfab (Rs 28.95), Himachal Futuristic Communications (Rs 201.15), Hitech Drilling (Rs 88.10), Nagarjuna Construction (Rs 51.60), Escorts (Rs 142.25) ITC Bhadrachalam (Rs 45.45), Punwire (Rs 81.20), Vindhya Telelink (Rs 168.75), Wim plast (Rs 99.40), Bharatiya International (Rs 83.60), Moser Baer (Rs 102.35), Crompton Greaes (Rs 78.05), Reliance Capital (Rs 59.30) and Videocon International (Rs 86.45) hit the upper limits of circuit breaker.
On the other hand, counters like Aurobindo Pharma, Wackhardt, Vikas WSP, TVS Suzuki, Maars Software, Tata Infotech, Siemens and Mahindra & Mahindra were weak on profit booking.
Since there is no major negative factor in sight, the market looks firm. At Rs 1900 cr, even the outstanding long positions are relatively comfortable. Players predict the Sensex to touch a new all-time-high either today or tomorrow.
(Courtesy:Capital Markets) |
