labels: stock markets - india, markets - general
Rex Mathewnews
21 October 2006


Frontline indices were unchanged in the short 'muhurat trading' session, held on Diwali day. Markets started firm, but lost ground as the session progressed and ended with modest gains. Though select stocks sustained their rally, others were subdued.

Sensex closed with marginal gains of 27 points at 12737 and the Nifty ended higher by 7 points at 3684. Nifty October futures closed at a premium of 2 points to the spot index.

ABB was the best performer for the second day running and ended with gains of nearly 4 per cent.

Oil marketing stocks rallied as crude prices cooled off, despite the OPEC decision to cut output. HPCL added nearly 4 per cent and BPCL ended well over 2 per cent higher.

Tata Steel remained firm and gained another 1.5 per cent.

Gujarat Ambuja gained nearly a per cent on good quarterly results
ITC, Ranbaxy, Suzlon, Bajaj Auto and Gail India were the other gainers.

PNB continued to decline and lost another per cent. ICICI Bank closed more than 0.5 per cent lower.

Wipro corrected nearly a per cent after gaining yesterday. HCL Tech lost more than 0.5 per cent.

Reliance gave up its gains from yesterday and closed more than 0.5 per cent lower.

Dr. Reddy, Reliance Communications, Tata Motors, Glaxo and Hindalco were the other losers.

Mid-Cap Action
Mid-caps and small caps did way better than large caps today. They opened strong and continued to gain through the short session and ended with very good gains.

The CNX Mid-Cap index ended with gains of 26 points, or 0.56 per cent, at 4767. BSE mid-cap index gained 1.17 per cent and the BSE small cap index added 1.55 per cent.

Mid-cap IT stocks were once again the best performers. Tech Mahindra added another 10 per cent, taking the total gains in three sessions to 35 per cent. NIIT Technologies gained 11 per cent taking total gains over two sessions to over 22 per cent. RS Software was locked in the 10 per cent upper circuit.

Bharat Gear, DCM, Khaitan Electricals, Mangalam Drugs, Bartronics and Opto Circuits were locked in 10 per cent upper circuits.

Eicher Limited, K Sera Sera, JHS Svendgaard Labs, Escorts and Jai Balaji Sponge were among the major mid-cap losers.

*Disclaimer: The author may have positions in some of the stocks specifically mentioned above at the time of writing this article. This analysis / report is only for the purpose of information and is not an investment advice. Readers are advised to consult a certified financial advisor before taking any investment decisions. While efforts have been made to ensure the accuracy of the information provided in the content the author or publisher shall not be held responsible for any loss caused to any person whatsoever.

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Rex Mathew