Stocks make cautious start in Samvat 2057

Sensex opened at 3739.54 and went up to 3761.46 before closing at 3757.16. The index moved in a narrow range and foreign funds were absent. Marketmen were earlier fearing a crash following the overnight plunge on Nasdaq. High-tech US stocks fell for the third day in a row this week on Wednesday as surprisingly soft sales from telecom equipment maker Nortel Networks Corp sent investors fleeing the sector. At the same time, a 13 per cent drop in the shares of ATamp;T Corp, the number one US long-distance phone company, led blue chips lower.

The Nasdaq composite index fell 190.22 points, or 5.56 per cent, to 3,229.57, based on the latest figures, as it inched closer yet to last week8217;s one-year low of 3,026. It was the Nasdaq8217;s ninth-largest point loss ever.

However, Indian investors and dealers preferred to ignore the developments on Nasdaq. On the contrary, there was select buying in software stocks. Silverline managed to gain more than 9 per cent. SSI and DSQ Software also gained more than 3 per cent each. Satyam Comp, Infosys and Zee Telefilm however were down marginally. Among the non-software segment, stocks like Ranbaxy, Cipla and Sun Pharma did well. Reliance, ITC, Tisco and HLL also gained marginally. The volume of business was poor.

MOORAT HAS BECOME A RITUAL: quot;Moorat trading on the bourses and chopda puja8217; in commodity markets as well as individual traders community on the eve of new year first day of new samvat year has become more of a ritual than just a practice as India emerges as an IT superpower in the world,quot; said an analyst.

The tradition of Moorat trading8217; has been kept alive by the 125-year-old BSE in the era of screen based trading system and also continued by the National stock exchange NSE as well as other leading bourses like Calcutta and Delhi stock exchanges in the country, reflecting the respect shown by the market to preserve culture, even in this IT age.

quot;People hardly participate in the Moorat trading since it has lost the importance after the change in the accounting system. It has now become more of a ritual for us,quot; leading stock broker Deena Mehta said.

In the late 80s and 90s, Moorat trading was a celebration of sorts, as the entire broker fraternity 8211; dressed in their traditional attire 8211; would participate in the Laxmi-puja and chopda-pujan accounts-books on Diwali day. Brokers would be accompanied by their families, who would also arrive dressed in brightly coloured clothes bringing Diwali into the premises of the stock exchange. The entire exchange Jeejeebhoy Tower would beam with energy as the families would interact and share the joy of the season with each other exchanging warm greetings.

Their families still come to their offices from different locations of the metropolis for the Moorat session but the enthusiasm is waning, says an old employee of the BSE.

Gold, silver down: The precious metals suffered losses in the special Moorat trading session for the new Hindu Year 2057 on the bullion market here today. Standard gold fell by Rs 5 at Rs 4,535 while gold .22 carat was down by same margin at Rs 4,195 per 10 gm. Prices of gold biscuit 116.50 gm. nosedived by Rs 200 at Rs 52,900 per piece. The conclusion of festival buying kept volume of business at a low ebb in the Moorat trading session. Weak global advices also triggered unloading by stockists. In the overseas market gold moved down from 269 to 266.80 per troy ounce.

Meanwhile, silver .999 softened by Rs 50 at Rs 7,995 and silver .916 was down by Rs 25 at Rs 7,900 per kg in sympathy. Physical buying was at a low ebb as weak Delhi and global advices coupled with improved supplies of raw silver from local sources pulled down prices in the local market. In the international market the white metal closed lower from 4.79 to 4.76 per troy ounce.