Some shares buck the trend

Some shares buck the trend
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First Published: Sat, Jul 28 2007. 12 38 AM IST
Updated: Sat, Jul 28 2007. 12 38 AM IST
Mumbai: On a day when more than 75% of some 2,576 stocks fell, there were some stocks that beat the trend and headed north, too.
Among the 30 stocks of the Sensex and 50 stocks of the S&P CNX Nifty, ITC Ltd was the top gainer, rising 3.12% on the Bombay Stock Exchange (BSE), its highest close in six months after the top tobacco maker beat earnings expectations with a 20% rise in first quarter profit. It rose 2.8% on the National Stock Exchange.
Drug manufacturer Ranbaxy Laboratories Ltd, which continued to benefit from a Thursday agreement with GlaxoSmithKline, and Ambuja Cements Ltd were the other two gainers across both indices.
Says Sudip Bandyopadhyay, chief executive officer, Reliance Money, the broking arm Reliance Capital, a non-banking finance company of the Anil Dhirubhai Ambani Group: “A stock such as ITC is a defensive stock and people flock to such stocks when other stocks go down. You’ll always find a few stocks going up in a such a market because of specific reasons. For instance, Ranbaxy is expecting some good news in its clinical research trials.”
He also points out that ITC and Ranbaxy underformed in the past few months.
Among Nifty 50 companies, Suzlon Energy Ltd posted positive returns, albeit marginally, as it rose 0.58% a day after it fell 7.36%%.
Overall, out of 30 Sensex stocks there were three gainers and out of 50 Nifty stocks there were four gainers.
Among the BSE 100 stocks, the ratio of losers to gainers was equally bad as 92% of the stocks lost. The eight gainers in this group included Crompton Greaves Ltd, Tata Tea Ltd, I-Flex Solutions Ltd and Asian Paints Ltd. These stocks gained between 3.12% and 0.22% while the Sensex fell 3.43%.
Among BSE 500 stocks, 89% of the stocks fell. Triveni Engineering and Industries Ltd was the biggest gainer, up 9.80%, followed by Ballarpur Industries Ltd at 7.29% and Alok Industries at 5.54%.
Among the rest of the 2,044 stocks, 1,494 of them fell, 495 gained and 55 stocks remained unchanged. This category largely consists of stocks that may not be traded frequently or trade at a very low price. Facor Steels Ltd was up from Rs6 to Rs7.21, up almost 20%.
Among the sectoral indices, the FMCG sector lost the least, 0.12%, followed by the IT sector, 2.5%.
Among FMCG stocks, GlaxoSmithkline Consumer Health Care Ltd and Tata Tea Ltd gained. The gainers in the IT space were Moser Baer (India) Ltd and I-flex Solutions Ltd.
In the banking index, the only gainer was Federal Bank, which rose 1.84% to close at Rs332.
Hiralal Vora of Reuters contributed to this story.
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First Published: Sat, Jul 28 2007. 12 38 AM IST
More Topics: ITC | Ranbaxy | Gujarat Ambuja | Suzlon | stock market |