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On day of gains, stock markets also witness some big losers

Posted on Aug 11 2014 | IANS

Mumbai, Aug 11 : On a day when a key benchmark index gained nearly 200 points, or 0.75 percent, there were some lagards as well with the bottom five among them shedding around 10 percent to 4 percent.

Bhushan Steel, in news for its role in the alleged bribery case involving Syndicate Bank, lost 9.98 percent at Rs.197.45, followed by Sun Tv, that shed 5.50 percent at Rs.396.85 and Shobha Developers, which fell 4.88 percent at Rs.403.70.

Among the top gainers Monday, Aurobindo Pharma gained 6.94 percent at Rs.771.55, followed by Mahindra and Mahindra with 6.45 percent at Rs.1,308.40 and Adani Enterprises with 5.66 percent at Rs.479.60.

Among the 30 shares of the sensitive index (Sensex) of the Bombay Stock Exchange, that saw 12 scrips end in the red, the top loser was GAIL India, shedding 4.34 percent at Rs.390.15, followed by Dr. Reddy with 2.19 percent at Rs.2,719.65.

The top Sensex gainers were led by Mahindra and Mahindra, followed by Tata Motors, up 3.33 percent at Rs.447.40, HDFC, up 3.16 percent at Rs.1,058.70, Sesa Sterlite, up 2.72 percent at Rs.275.80 and Infosys, up 2.67 percent at 3,573.25.

Bhushan Steel was not only the top loser but was also trending as having fallen to its yearly low. Mahindra and Mahindra was also trending for its scrip having topped the yearly high, besides logging unusual volume.

Most of these shares also gained due to their positive quarterly results.

The Sensex, closed at 25,519.24 points, up 190.10 points or 0.75 percent.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) also closed trading 57.40 points or 0.76 percent up at 7,625.95 points.

"Crude prices are falling which is grossly bullish especially for the Indian markets and that will help to the oil and gas sector," Shrikant Chouhan, head-technical research, Kotak Securities said.

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