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Dec 31, 2004, 04.07 PM IST
The markets ended the year on a positive note. Most of the media, bank, technology, cement, pharma, and auto stocks rallied but metal stocks corrected.
Analysts expect the market to continue their good run in 2005, albeit with a slower speed given the increase in valuations and higher base of corporate earnings.
The market breadth was positive as several small and midcap stocks gained. About 1633 shares advanced, 700 shares declined, and 51 shares remained unchanged.
Several midcap sugar, tea, auto ancillary, textile, and consumer durable stocks flared up. Dwarikesh Sugar closed at Rs 133.55 a premium of 105% to its issue price of Rs 65.
The Bankex outperformed the other indices. It closed up 2.34% at 3721.97 as most of the private as well as the PSU banks flared up on sustained buying interest. The Finance Minister said that higher cap for FDI in banking is likely in the next few days.
Most of the media shares including Balaji Telefilms, Television Eighteen, NDTV, and TV Today flared up.
The BSE IT Index closed up 1.85% at 2621.93 as the frontline as well as second-rung technology stocks gained.
Buying interest was also seen in several of the auto, cement, telecom, and oil stocks. Cement shares firmed up on expectation of increased demand and a rise in cement prices.
Several power and power equipment manufacturing stocks also rallied. Among pharma shares most of the large and midcap pharma stocks gained.
The BSE Metal Index underperformed the other indices. It closed down 0.28% at 6210.37 as most of the steel and aluminium stocks corrected as metal prices were down on the LME as traders booked profits.
The FMCG shares ended mixed. ITC gained but HLL, Colgate, and Nestle closed lower.
Nipa Ladiwalla of UTI Securities says the markets are attractively priced at current levels. UTI Securities is bullish on cement, banking, pharma, FMCG, and on infrastructure related stocks.
The markets have gained on the back of the strength in the bank, cement, tech, media, consumer durables, and pharma shares. Gains are also seen in auto, refinery and telecom stocks. FMCG and metal shares however, are trading mixed.
May 25 2013, 16:36
- in Technicals
May 25 2013, 16:36
- in MARKET OUTLOOK