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Tech tremors

May 31, 2001

The selling that commenced yesterday, primarily in the new economy counters continued in today's trading session. However, selling pressure engulfed most counters including old economy. Fresh fears on technology resurfaced as the U.S bourses declined sharply in yesterday's trading. The Dow Jones and NASDAQ plummeted by 167 points and 91 points respectively. However, these counters made a recovery towards the end of the trading day. Contrary to yesterday, U.S futures were trading higher, which could have buoyed sentiments in the sector. The TMT stocks, namely Infosys, Satyam Computers and MTNL shaved off 19.4 points from the Sensex.

Index heavyweight, HLL, also was a key loser and eroded 11.6 points from the Sensex. The scrip fell below Rs 200 last week and has again breached those levels. The counter has been exhibiting weakness mainly after its 1QFY02 results. SBI was the other spoiler shaving off 3.5 points from the index.

ITC was the main contributor to the Sensex. The cigarette major has reported a strong bottomline growth, which rose by 27% while topline grew by 10%. This could have led to the counter gaining favour among the participants. However, future volume growth remains a concern.

Zee Telefilms, the Indian media major, is scheduled to declare its results today. Markets estimate the results to be favourable, which could have led to the build up of positions. Also, recently, the company announced its intentions of inducting a foreign strategic partner. This has gone down well among the investor as it will not only provide much needed liquidity to meet expansion plans but also better management practices. Zee added 2 points to the index.

Other contributors to the Sensex were Reliance, Nestle and Bhel. These counters added 3.9 points, 1.3 points and 2 points respectively to the Sensex.

To find out an estimate of the contribution each of these stocks made to the gain in the Sensex, check out our Sensitivity Analyser.

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