Sunday, October 24, 2010

Weekly Review BSE 500

It was another week marked by big swings in benchmark indices. Steep slides of 0.6 to 1 per cent on Tuesday and Wednesday were followed by a strong comeback on Thursday with a two per cent gain. The BSE Sensex and the NSE Nifty ended the week on a flat note, up 0.2 and 0.1 per cent respectively. The BSE Midcap and BSE Smallcap indices, however, outperformed the bellwethers, up 1.4 and 1 per cent respectively. The CNX 500, representing the broader market, was up 0.4 per cent for the week.

Among sector indices, the BSE Oil & Gas performed the best with a 2.7 per cent gain. Other performers were the BSE IT and PSU indices, both of which were up 1 per cent. The BSE Metals and Realty fared the worst, down 2.7 and 2.2 per cent respectively.

Moving on to individual stocks, Indiabulls Financial Services shot up 15 per cent on the backs of strong profit growth for the September 2010 quarter. Good results also pushed the stocks of Canara Bank and Tata Consultancy Services up 14 and 9 per cent respectively.

The stock of pharma player Biocon surged 11 per cent after the company signed a $350 million marketing deal with Pfizer to globally commercialise its biosimilar versions of insulin products. The stock Merck gained 11 per cent for the week after the company announced an interim dividend of Rs 95 per equity share.

Essar Oil's reporting of net profits for the September 2010 quarter against the losses previously, together with reports that the company was eyeing oil and gas blocks in Africa, led the stock to a 7 per cent gain for the week. A fall in promoter pledged shares of Alok Industries and a proposed merger of its subsidiary with itself sent the stock up 6 per cent for the week.

Commercial Engineers and Body Builders Co, which raised about Rs 153 crore, at an issue price of Rs 127, through an Initial Public Offering listed on Monday. The stock is now trading down 7 per cent from issue price, though it touched a high of Rs 144.8 on the BSE on listing day.

A quarter-on-quarter decline in net profits for the September 2010 quarter for Wipro sent the stock sliding 5 per cent in the week.

Similarly, steep declines in year-on-year September '10 net profits of CEAT led to a drop of 3 per cent in its stock price. The stock of Sesa Goa dropped 8 per cent on the backs of poor September quarter results and ONGC claiming pre-emptive rights on Cairn India's participating interests.

Source : Businessline

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