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Indian equities end higher on day of swinging fortunes
Thursday, 13 May 2004, 19:30 IST
MUMBAI: In a day of dramatic development on Indian bourses, a key index staged a remarkable revival of 268 points by starting deep in the red in the early hours of trade Thursday but still managing to end 41 points higher.
As results and trends for the general election began to unfold, the sensitive index (Sensex) of the Bombay Stock Exchange dipped to 5,131.03 points, down 227.32 points over the previous day's close of 5,358.35 points.
But as political stability was no longer in question, a 268.44-point rally in subsequent sessions saw the bellwether index end at 5,399.47 points - a gain of 41.12 points or 0.77 percent over the previous day's close.
At one point, the Sensex even soared to 5,487.34 points, but weak sentiments for public sector stocks pulled the barometer index down. Of the 30 shares that comprise this index, 21 registered advances and nine declined.
More than 45 million shares worth 
18.98 billion ($421.8 million) were traded on the BSE.
Government securities and the foreign exchange markets also mirrored the developments on stock exchanges.
The yield on a 10-year bond recovered from a six-week low to touch 5.16 percent and the rupee bounced back from a four-month low of 45.65 to a dollar to just above 45 to a dollar level.
"Investors did not know what hit them when markets opened. The election trends were so far removed from the exit polls," said an analyst with a leading brokerage.
"But the market corrected itself when it emerged that political stability was no longer an issue and that a Congress-led coalition would be able to form the next government after all," he said.
"Going ahead, much would depend on the signals which the Congress and its allies send on the economic front. At present there are far too many contradictory signals and that is not good for the markets at all."
Investors feared that one of the casualties of a Congress-led government would be divestment of equity in public sector undertakings (PSUs). Senior Congress leaders like Pranab Mukherjee have said that there was no question of privatising profit-making units.
BSE's PSU index was down 107.10 points or 2.77 percent at 3,766.16 points over the previous day's close. Over the past week, the BSE PSU index has shed almost 10 percent.
Among the 47 stocks that comprise this index, as many as 39 were in the negative territory, seven were marginally up and one remained unchanged.
Satyam Computers was the top gainer among the Sensex stocks, up 5.17 percent at 312.20, followed by Wipro, up 4.93 percent at 1,603.70.
Bharti Televentures, up 4.30 percent at 160, Tata Power, up 4.26 percent at 361.20, Grasim Industries, up 3.99 percent at 1,154.75 and Reliance Industries, up 2.98 percent at 511.40 were among the other gainers.
In line with the sentiments for state-owned stocks, Mahanagar Telephone Nigam topped the list of losers, down 8.63 percent at 132.85, followed by Hindustan Petroleum, down 7.15 percent at 380.05.
Zee Telefilms, down 3.20 percent at 123.90, State Bank of India, down 2.70 percent at 604.05, Hero Honda, down 2.69 percent at 944.55 and Hindalco, down 2.31 percent at 451.10 were among the other losers.
Source: IANS
18.98 billion ($421.8 million) were traded on the BSE.
Government securities and the foreign exchange markets also mirrored the developments on stock exchanges.
The yield on a 10-year bond recovered from a six-week low to touch 5.16 percent and the rupee bounced back from a four-month low of 45.65 to a dollar to just above 45 to a dollar level.
"Investors did not know what hit them when markets opened. The election trends were so far removed from the exit polls," said an analyst with a leading brokerage.
"But the market corrected itself when it emerged that political stability was no longer an issue and that a Congress-led coalition would be able to form the next government after all," he said.
"Going ahead, much would depend on the signals which the Congress and its allies send on the economic front. At present there are far too many contradictory signals and that is not good for the markets at all."
Investors feared that one of the casualties of a Congress-led government would be divestment of equity in public sector undertakings (PSUs). Senior Congress leaders like Pranab Mukherjee have said that there was no question of privatising profit-making units.
BSE's PSU index was down 107.10 points or 2.77 percent at 3,766.16 points over the previous day's close. Over the past week, the BSE PSU index has shed almost 10 percent.
Among the 47 stocks that comprise this index, as many as 39 were in the negative territory, seven were marginally up and one remained unchanged.
Satyam Computers was the top gainer among the Sensex stocks, up 5.17 percent at 312.20, followed by Wipro, up 4.93 percent at 1,603.70.
Bharti Televentures, up 4.30 percent at 160, Tata Power, up 4.26 percent at 361.20, Grasim Industries, up 3.99 percent at 1,154.75 and Reliance Industries, up 2.98 percent at 511.40 were among the other gainers.
In line with the sentiments for state-owned stocks, Mahanagar Telephone Nigam topped the list of losers, down 8.63 percent at 132.85, followed by Hindustan Petroleum, down 7.15 percent at 380.05.
Zee Telefilms, down 3.20 percent at 123.90, State Bank of India, down 2.70 percent at 604.05, Hero Honda, down 2.69 percent at 944.55 and Hindalco, down 2.31 percent at 451.10 were among the other losers.
Source: IANS