Market went into a sell spree, which revealed the true colours of several scrips. A run down on this show follows. ACC was holding out, riding on the good results of Gujarat Ambuja and also rise in cement prices in north India.Atlas Capco continued its northward rise. Bajaj Auto fell by only 3.58 per cent but LML buckled. Bank of Baroda held on for most part of the day, but gave up towards the end. Bank of India's collapse was more astonishing.In contrast, Corporation Bank went down marginally. SBI could not resist the pressure. Orient Bank invited three crows. Bata India continued to stay buoyed based on its good quarterly results. Bharat Forge is another scrip which held on to its high perch. It lost just a little over 2 per cent.
Bharat Petro opened lower, but never looked back on a day when the entire market was on turmoil! Nor could Bhel's bottom be pushed behind the previous day's low. Brittania's fighting back is an interesting phenomenon to watch.
Burrough's giving up 7 per cent is no great deal, considering that it had raced up to new heights. On the other hand, Cadbury invited volume investment at the lower end and closed higher. Cochin Refinery has touched base line again and should bounce on Monday.
Cummins invited spurt in volume for just a 3.3 per cent drop, indicating bull interest in the counter. Dabur gave up only 4.5 per cent, Dr Reddy 2.6 per cent signalling the underlying interest in pharma scrips. Nicholas did not bat an eyelid, but Ranbaxy and Park Davis revealed their fragile core.
Infotech stocks took a beating. Digital Equipment, NIIT and Aptech went down substantially. Infosys did a slow decay inviting volumes, but the market could not spoil Satyam's honeymoon. Novartis saw spurt in volume and not giving up its high perch! Jittery punters did an abortion at ITC counter and Larsen counters.
LML and Raymonds revealed thier Achille's feet. Mahindra & Mahindra is resisting a reverse drive. MTNL is down but not out! Reliance Capitall is defying gravity; there is something cooking here. Siemens is tearing at the leash. Sterilite and Tisco have melted down. I expect the market to bounce on Monday, with 4818 support for Sensex.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.