Soaring indices hide market pain

While the markets appear to have bounced back with both the Sensex and Nifty soaring, it was not as if there was no pain from which the market suffered.

While in the case of shares like Sun TV the reasons appeared to be obvious, there were many others in which it was only an intelligent guess work since the reasons for the massive sell-off in these shares were not immediately known.

SE Power Ltd was virtually reduced to a rubble losing 82.87 per cent or a whopping Rs 169.30 on the NSE to Rs 35. In fact the stock fell to its 52 week low of Rs 34 but recovered by a rupee! The fall was not caused by heavy offloading of the share - it witnessed a mere 5,312 shares being traded. But that was enough to cause a carnage in the counter.

Amar Remedies Ltd was another stock that spiralled downwards for the second day running. It crashed by 19.99 per cent to Rs 88.45, a loss of Rs 22.10. It is just hovering above its 52-week low of Rs 85.50 that it touched a year back on August 8, 2011.

Gokul Refoils and Solvent Ltd was down by 20 per cent to Rs 49, a loss of Rs 12.25. The stock is trading at its 52-week low and the volume was heavy at 15.75 lakh shares.

Glodyne Technoserve was another stock to fall by 19.99 per cent for the second day today. The stock shed Rs 54.80 to slump to Rs 219.40. Parsvnath Developers shed Rs 5.85 or 12.66 per cent to trade at Rs 40.35.

SUN TV stock was facing the heat following reports that the CBI was preparing to file a chargesheet against the Maran brothers in the Aircel-Maxis deal. The stock shed Rs 34.10 or 11.52 per cent to trade at Rs 261.80 on the NSE. On the BSE, the stock hit its 52-week low of Rs 176 .75 but staged a sharp recovery to trade at Rs 262.65, a loss of Rs 31.90.

While the Sensex was up by about 310 points, the Nifty was trading higher by nearly 100 points. But the soaring indices were hardly a balm to the pain left behind by the hammering several stocks suffered.