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Market remains firm

The market kept firm in afternoon trades. Buying interest was seen in Old as well as New Economy stocks. Defensive sector stocks displayed mixed trends. The overall mood was cautious in the wake of the crisis at UTI.

The BSE Sensex, meanwhile, gained ground in afternoon trades. At 13:58 IST, the Sensex was up 21.24 points to 3,272.77.

The NSE S & P CNX Nifty Index was up 5.15 points to 1,056.85.

Glaxo (up 9.73% to Rs 278) gained further ground in afternoon trades as buying interest continued despite a lower than expected quarterly performance. A total of 56,000 Glaxo shares were traded on BSE so far.

Bajaj Auto (up 7.01% to Rs 245) was steady after the company announced its quarterly results on Saturday. Only 17,000 Bajaj Auto shares were traded on BSE so far.

Reliance Petroleum (up 3.25% to Rs 44.50) gained after the company posted quarterly results. For the quarter ended 30 June 2001, the private sector refining giant posted a 52% rise in net profit to Rs 456 crore (Rs 300 crore) on sales of Rs 8,865 crore (Rs 5,983 crore).

Cement pivotals Grasim (up 3.24% to Rs 310.45), Gujarat Ambuja Cements (up 2.04% to Rs 175.30), L & T (up 1.85% to Rs 209.50) and ACC (up 1.49% to Rs 139.45) held gains.

Reliance Industries (up 1.40% to Rs 310.70) held gains ahead of the announcement of quarterly results on Tuesday.

Dr Reddy's Laboratories (up 1.10% to Rs 1,606) gained ground on renewed buying interest.

Meanwhile, Zee Telefilms (down 7.40% to Rs 68.85) declined further as selling pressure continued on the counter. The stock touched its 41-month low of Rs 68.65 today. Over 22.50 lakh Zee shares were traded on BSE.

NIIT (down 5.29% to Rs 180.65) and Satyam Computer (down 2.17% to Rs 152.95) fell further in afternoon trades.

HPCL (down 1.40% to Rs 147.75) was subdued ahead of the announcement of quarterly results.

FMCG heavyweight Hindustan Lever (down 1.26% to Rs 214.90) sank deeper into the red in afternoon trades.

Among non-Sensex tech stocks, Mastek (down 8.98% to Rs 75.50) remained subdued on continued selling pressure.

SSI (down 6.29% to Rs 175) sank once again as selling pressure continued. Over 11.26 lakh SSI shares were traded on BSE so far.

Selling continued on counters like Fujitsu ICIM, Aptech, Aftek Infosys, Tata Infotech, R S Software, HCL Technologies, Hughes Software, Infotech Enterprises, Sonata Software, Aztec Software, Trigyn Technologies and Ramco Systems.

Among telecom stocks, Sterlite Optical (down 6.53% to Rs 184.70) fell further in afternoon trades as selling continued. The stock had gained over 8% on Friday.

On the other hand, Tata Telecom (up 9.13% to Rs 78.85) and Surana Telecom (up 8.71% to Rs 63) held gains on selective buying.

Media major Mukta Arts (Rs 114.55) remained frozen at the 8% lower limit of the circuit breaker following the lower than expected response to the debut of the company's latest release `Yaadein'.

Tips Industries (down 6.71% to Rs 54.25) was subdued on a poor quarterly performance by the company. For the quarter ended 30 June 2001, the company posted a loss of Rs 10.98 crore (NP Rs 3.04 crore) on sales of Rs 30.97 crore (Rs 20.90 crore).

On the other hand, Balaji Telefilms (up 7.58% to Rs 176.75) gained further ground on speculative buying interest on the counter.

Other media stocks like Padmalaya Telefilms, Adlabs Films, Cinevista Communications, Saregama India, Pentamedia Graphics, Crest Communications, Sri Adhikari Brothers and TV 18 were also steady.

Source: www.capitalmarket.com

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