Small-cap and mid-cap stocks lose further ground
For the second day in a row, a host of small-cap and mid-cap and penny stocks lost ground.
Some of the major losers of the day were Whirlpool India (down 7.9% to Rs 25.65), Standard Industries (down 6.3% to Rs 28), Agro Tech Industries (down 5.95 to Rs 100), Ester Industries (down 6% to Rs 16.45), Kale Consultants (down 5% to Rs 36.50), Financial Technologies (down 5% to Rs 1,223.40), IFB Securities (down 18.9% to Rs 3.12), Bilpower (down 9.95% to Rs 96.40), Patel On Board Couriers (down 9.8% to Rs 73.35), IFSL (down 10% to Rs 21.95), Speciality Papers (down 9.6% to Rs 35), Liberty Phosphate (down 9.8% to Rs 47.85), C J Gelatine Products (down 9.5% to Rs 14.70), Elnet Technologies (down 9.9% to Rs 74.90), SKS Ship (down 9% to Rs 35.25) and Siel (down 8% to Rs 107.85).
A number of stocks were down by between 3% to 7%.
Select small- and mid-cap stocks were in demand. The major gainers were Bharat Electronics (up 6.9% to Rs 842), Hindustan Construction (up 5.7% to Rs 1,155), TIL (up 6.5% to Rs 186), Kinetic Engineering (up 5% to Rs 186.40), Kalpataru Power (up 3.9% to Rs 650), IFCI (up 3.9% to Rs 15.95), Taj-GVK Hotels (up 3.6% to Rs 623), Apollo Hospitals (up 3% to Rs 458.50), Ramco Industries (up 2.9% to Rs 1,174), Atlas Copco (up 2.3% to Rs 1,163), and Thermax (up 2% to Rs 854).
The BSE Small Cap Index was down 155.16 points or 2.6% to 5,651.15. The BSE Mid Cap Index shed 46.88 points or 1.1% to 4,166.39.
The market breadth was quite weak. 2,172 stocks declined on BSE as compared to 252 stocks that advanced. 18 stocks were unchanged. Losers outpaced gainers by a ratio of 8.6:1.
The last few days have seen some small-cap, mid-cap and penny stocks lose ground. Some of these stocks have witnessed high volatility due to alternate bouts of buying and selling. Select stocks have staged a rebound from lower levels. The BSE Small Cap and the BSE Mid Cap indices are sharply off their peaks reached in mid-September 2005.
The recent fall in small- and mid-cap stocks has materialized at a time when stock exchanges have spruced up risk management. For instance, 100% upfront margin is payable on over 500 scrips on BSE’s B1, B2 and S group from 26 September 2005.
The price band on all trade to trade scrips has been made a uniform 5% and stock exchanges have fixed a price band of 20% for a few scrips which so far did not attract any daily filters.
On Wednesday, Sebi cracked down on price manipulation in two scrips, IFSL and Minal Engineering, by barring promoters and directors of these two companies from dealing in the capital market.
On Thursday, the regulator banned 11 Kolkata based brokers from trading, and it also suspended trading in 6 companies listed on the Calcutta Stock Exchange (CSE) one of which is listed on BSE as well. The Sebi action was because the regulator found that these brokers created artificial volumes in these stocks.
Some of the major losers of the day were Whirlpool India (down 7.9% to Rs 25.65), Standard Industries (down 6.3% to Rs 28), Agro Tech Industries (down 5.95 to Rs 100), Ester Industries (down 6% to Rs 16.45), Kale Consultants (down 5% to Rs 36.50), Financial Technologies (down 5% to Rs 1,223.40), IFB Securities (down 18.9% to Rs 3.12), Bilpower (down 9.95% to Rs 96.40), Patel On Board Couriers (down 9.8% to Rs 73.35), IFSL (down 10% to Rs 21.95), Speciality Papers (down 9.6% to Rs 35), Liberty Phosphate (down 9.8% to Rs 47.85), C J Gelatine Products (down 9.5% to Rs 14.70), Elnet Technologies (down 9.9% to Rs 74.90), SKS Ship (down 9% to Rs 35.25) and Siel (down 8% to Rs 107.85).
A number of stocks were down by between 3% to 7%.
Select small- and mid-cap stocks were in demand. The major gainers were Bharat Electronics (up 6.9% to Rs 842), Hindustan Construction (up 5.7% to Rs 1,155), TIL (up 6.5% to Rs 186), Kinetic Engineering (up 5% to Rs 186.40), Kalpataru Power (up 3.9% to Rs 650), IFCI (up 3.9% to Rs 15.95), Taj-GVK Hotels (up 3.6% to Rs 623), Apollo Hospitals (up 3% to Rs 458.50), Ramco Industries (up 2.9% to Rs 1,174), Atlas Copco (up 2.3% to Rs 1,163), and Thermax (up 2% to Rs 854).
The BSE Small Cap Index was down 155.16 points or 2.6% to 5,651.15. The BSE Mid Cap Index shed 46.88 points or 1.1% to 4,166.39.
The market breadth was quite weak. 2,172 stocks declined on BSE as compared to 252 stocks that advanced. 18 stocks were unchanged. Losers outpaced gainers by a ratio of 8.6:1.
The last few days have seen some small-cap, mid-cap and penny stocks lose ground. Some of these stocks have witnessed high volatility due to alternate bouts of buying and selling. Select stocks have staged a rebound from lower levels. The BSE Small Cap and the BSE Mid Cap indices are sharply off their peaks reached in mid-September 2005.
The recent fall in small- and mid-cap stocks has materialized at a time when stock exchanges have spruced up risk management. For instance, 100% upfront margin is payable on over 500 scrips on BSE’s B1, B2 and S group from 26 September 2005.
The price band on all trade to trade scrips has been made a uniform 5% and stock exchanges have fixed a price band of 20% for a few scrips which so far did not attract any daily filters.
On Wednesday, Sebi cracked down on price manipulation in two scrips, IFSL and Minal Engineering, by barring promoters and directors of these two companies from dealing in the capital market.
On Thursday, the regulator banned 11 Kolkata based brokers from trading, and it also suspended trading in 6 companies listed on the Calcutta Stock Exchange (CSE) one of which is listed on BSE as well. The Sebi action was because the regulator found that these brokers created artificial volumes in these stocks.
posted by Sensex-Blog Admin at 12:15 AM
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