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Some stocks dare to defy 826 point bloodbath

Adani Exports and GlaxoSmithKline Consumer were the only two A-group stocks that ended in the positive territory.

india Updated: May 18, 2006 17:49 IST
Press Trust of India
Press Trust of India

On the backdrop of a historic meltdown on the bourses on Thursday when the benhcmark Sensex plunged 826 points to record the highest ever drop in the 30-share benchmark index, some stocks managed to stay afloat in the green pastures.

Adani Exports and GlaxoSmithKline Consumer were the only two A-group stocks that ended in the positive territory, while Vardhman Holding, JBF India and Motherson Sumi Systems were among the B1-group stocks that advanced ahead on the Bombay Stock Exchange (BSE).

However, heavy selling was seen on the front-line counters and all the scrips from the Sensex and nifty indices closed deep in the red, tracking the weak global trends.

ACC, Hindalco, Tata Steel, Reliance Energy, Maruti, Gujarat Ambuja Cements and Tata Motors were the biggest losers on the Sensex amid heavy selling pressure across the sectors.

All the stocks on the Sensex and BSE 100 indices closed in the red, while there were only three BSE 200 scrips and five BSE 500 scrips that closed in the positive territory.

The overall market breadth was hugely negative with only 11.26 per cent or 288 scrips on the BSE advancing ahead as against 87.64 per cent or 2,241 scrips closing in the red.

Adani Exports, GlaxoSmithKline Consumer and Voltas were the only three stocks on the BSE 200 index that ended the day in positive territory. However, Adani Exports was the only major gainer, while the other two closed on a nearly flat note.

Motherson Sumi and Aarti Drugs were other two stocks from the BSE 500 index that closed with marginal gains.

The stock has witnessed more than two-fold jump in its share price over the past one month on the back of the company's huge investment plans in developing real estate in Gujarat and Mumbai as well as setting up of a new power plant and further investments in mining.

Earlier in the trading session, a few more A-group stocks, such as Asahi India and Oriental Bank of Commerce, had managed to buck the broader selling pressure on the bourses. However, these stocks failed to sustain their gains as the selling pressure further intensified as the trading session progressed and the Sensex further extended its loss from nearly 500 points in early afternoon trade to more than 800 points towards the end of the trading session.

Among the B1-group stocks, Dewan Housing Finance (DHFL) surged to a new 52-week high of Rs 96 in the intra-day trade on the back of a robust Q4 results posted by the company earlier this week. However, the stock plunged 7.13 per cent to Rs 80.70 after paring all its intra-day gains.

The share price of DHFL, which is engaged in the business of housing loans and personal loans for its existing customers, has soared in the recent past on the back of the ongoing surge in the real estate sector.

On the BSE Midcap Index, Adani Exports, Motherson Sumi, Assam Company, GlaxoSmithKline Consumer and Voltas Ltd were the only five stocks that managed to close in the green.

A sharp share price rally was seen on some thinly traded T-group and Z-group counters where a number of small-cap stocks were seen touching their upper circuit limits for the day.

First Published: May 18, 2006 16:05 IST