|
In
what has become a regular feature of this bull market,
the indices have lost no time in recovering after a major
slump. The Sensex gave up more than 200 points on Wednesday
and after yesterday's volatility, the index has bounced
back strongly to close at new highs.
Both indices opened on a firm note and maintained an up
trend for most of the session. A brief bout of selling
pressure in the afternoon was overcome easily and both
indices closed near their day's highs.
The Sensex saw a new intra-day lifetime high of 10782
in the afternoon. Both indices closed at their all-time
closing highs.
Sensex closed at 107645, a gain of 192 points, and the
Nifty closed higher by 55 points at 3184. Nifty March
futures closed at a discount of 17 points to the spot
index.
Telecom stocks were the flavour of the day as MTNL and
VSNL soared in afternoon trades. MTNL was the biggest
gainer among index stocks, closing more than 8 per cent
higher while VSNL added 5 per cent.
Among the other telecom stocks, Reliance Communication
added around 3 per cent while Bharti gained over 2 per
cent.
Zee Tele rallied in afternoon trades after a Delhi High
Court order asking the government to implement Conditional
Access System (CAS). The order, if not challenged by the
government in the Supreme Court, would be highly beneficial
to television broadcasters and distributors. Zee closed
with gains of over 3.5 per cent.
Metal stocks recovered from the losses of Wednesday. SAIL
added 4 per cent while Tata Steel gained over 1.5 per
cent.
Technology stocks came back to life, led by Satyam which
gained over 3.5 per cent.
HDFC reclaimed most of the losses from recent sessions
by closing nearly 4 per cent higher.
Bajaj Auto revved up in the afternoon after the company
made some positive statements about its business plans
for the next 3 years.
Tata Chemicals, HLL and PNB were the other gainers.
The extent of losses was small for those stocks which
closed lower today. BPCL was the biggest loser, closing
nearly a per cent lower.
Nalco, SCI and Ranbaxy were the other losers.
US indices remained weak yesterday as well in the absence
of any major triggers. Traders are waiting for fresh economic
data to validate market concerns about rising interest
rates. Another decline in Google led to more weakness
in the technology space.
The Dow closed one-third of a per cent lower while the
S&P 500 lost another 0.5 per cent. The NASDAQ ended
with losses of more than three-quarters of a per cent.
The S&P 500 and NASDAQ have declined for the last
six sessions.
Asian markets had a mixed day today following yesterday's
rally across the region. The continued weak trend in the
US indices is affecting markets sentiments in the region.
The Japanese Nikkei closed nearly 0.5 per cent higher
while South Korea added nearly 0.7 per cent. Singapore
and Hong Kong ended with modest losses. Karachi declined
again and closed nearly 1.5 per cent lower.
Crude oil made a modest recovery yesterday after the sharp
decline during the earlier part of the week. April crude
futures closed higher by around a per cent at $60.47 per
barrel on the NYMEX yesterday. The commodity is trading
with marginal gains around $60.5 per barrel mark in early
European trades today.
According to news agency reports, ONGC is in negotiations
to acquire oil assets which could cost a total of $15
billion. British exploration company Cairn Energy had
indicated that it has offered its Indian assets to ONGC
for $3 billion.
Meanwhile,
ONGC has reportedly pulled out of its discussions with
Korean National Oil for increasing its stake in 2 Nigerian
offshore oil exploration blocks. The Korean company holds
a majority stake in the fields.
Hindalco has acquired the aluminium rolling mill and conductor
rod manufacturing assets of Pennar Aluminium situated
in Maharashtra. The assets were acquired through an auction
conducted by Asset Reconstruction Company of India.
A
leading bank in the Central American country Panama has
selected the Finacle core banking suite from Infosys.
The company said the bank is planning to invest $20 million
over the next 2 years to implement Finacle across its
branches.
Media reports indicate that Bajaj Auto is targeting total
volume sales of 28.5 lakh vehicles for the financial year
2006-07. The company is also planning to increase manufacturing
capacity to 35 lakh by 2007 and then to over 50 lakh units
per annum by 2009. Bajaj Auto would invest around Rs1,500
crore in these expansion programmes.
Mid-Cap
Action
Mid-caps
also continued their recovery which started yesterdays
after trades. However, the smaller stocks saw some selling
in late afternoon trades and mid-cap index gave up part
of its gains. Market breadth, which was highly positive
till early afternoon, declined marginally in late trades.
The CNX Mid-Cap index added 40 points to end the day at
4624, a new lifetime high.
Raymond
Limited would increase its worsted suiting manufacturing
capacity by 3 million metres per annum at a cost of Rs197
crore. The expanded capacity would go on stream after
one year. The company said its total worsted capacity
would increase to 31 million metres after the expansion.
Shareholders
of Hindustan Construction have approved an overseas issue
of equity or equity related securities to raise up to
$100 million. This is in addition to the earlier approval
to raise up to $150 million.
Granules
India has started commercial production at its new export
oriented API facility in Andhra Pradesh. The unit has
a capacity to manufacture 8,000 tonnes of paracetamol
per annum.
Boards
of VIP Industries and Blow Plast have appointed committees
of directors to evaluate a merger between the two companies
and appoint independent valuers.
Lanxess
ABS would raise its resin manufacturing capacity from
60,000 tonnes per annum to 80,000 tonnes and further to
100,000 tonnes over the next 2 years. The expansion would
be funded from internal accruals.
The
board of LG Balakrishnan & Bros would meet next week
to consider a rights or preference issue of equity.
Jewellery
exporter Goldiam International would make further investments
in its Chinese subsidiary.
KEC
International, the company which took over the transmission
tower business from the listed company KEC Infrastructure,
got re-listed today. The stock opened at Rs425 on the
NSE and saw a high of Rs490 before closing at Rs418.25.
Gitanjali
Jewels, a jewellery exporter with plans to set up a retail
chain in the domestic market, listed on the exchanges.
Issued at Rs195, the stock opened at Rs210 on the NSE
and closed more than 15 per cent below its issue price
at Rs165.
Orient
Abrasives, Kalpataru Power and Navbharat Ferro Alloys
were among the major gainers in mid-caps.
Sakuma
Exports, Mukand Engineers and Blow Plast were among the
significant mid-cap losers on the NSE.
*Disclaimer:
The author
may have positions in some of the stocks specifically
mentioned above at the time of writing this article. This
analysis / report is only for the purpose of information
and is not an investment advice. Readers are advised to
consult a certified financial advisor before taking any
investment decisions. While efforts have been made to
ensure the accuracy of the information provided in the
content the author or publisher shall not be held responsible
for any loss caused to any person whatsoever.
Market:
Indices
National
Markets
Gain (+) / Loss (-)
|
SENSEX
|
10,765.16
|
+
191.62 |
| NIFTY
|
3,183.90
|
+
54.80 |
Last
Update : 10 March, 2006 16:00:16 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| ACC
|
755.00
|
777.20
|
752.00
|
759.50
|
| Bajaj
Auto |
2,699.90
|
2,776.00
|
2,680.00
|
2,753.50 |
| Bharti
Tele |
|
|
|
384.45 |
| BHEL
|
2,115.00
|
2,149.90
|
2,105.10
|
2,127.00 |
| Cipla |
578.00
|
592.40
|
578.00
|
582.90
|
| Dr
Reddys Lab |
1,340.00
|
1,357.00
|
1,329.90
|
1,350.60
|
| Grasim
Indus |
|
|
|
1,888.80 |
| Guj
Ambuja |
|
|
|
99.20 |
| HDFC
Ltd |
1,302.00
|
1,326.80
|
1,299.00
|
1,322.80
|
| HDFC
Bank Ltd |
754.70
|
763.00
|
748.00
|
748.00
|
| Hero
Honda |
882.85
|
907.00
|
878.00
|
904.00
|
| Hindalco
|
159.90
|
162.25
|
159.00
|
160.00
|
| HLL
|
253.00
|
253.00
|
235.00
|
251.90
|
| ICICI
Bank |
602.00
|
615.00
|
600.00
|
612.90
|
| Infosys |
2,821.00
|
2,923.80
|
2,821.00
|
2,914.85
|
| ITC
|
172.00
|
179.00
|
172.00
|
177.25
|
| L&T
|
2,450.00
|
2,525.00
|
2,450.00
|
2,512.65
|
| Maruti |
895.00
|
900.00
|
865.50
|
878.45
|
| NTPC
|
|
|
|
136.95 |
| ONGC
|
|
|
|
1,150.90 |
| Ranbaxy
|
424.40
|
433.00
|
418.10
|
419.50
|
| Rel
Energy |
643.75
|
650.90
|
635.00
|
638.65
|
| Reliance
|
|
|
|
638.65 |
| Satyam
|
786.90
|
821.80
|
786.85
|
815.30
|
| SBI
|
912.30
|
929.00
|
909.70
|
920.15
|
| Tata
Motors |
884.00
|
899.00
|
881.05
|
895.80
|
| Tata
Power |
564.90
|
579.45
|
564.90
|
577.35
|
| Tata
Steel |
|
|
|
454.90 |
| TCS
|
1,736.00
|
1,775.00
|
1,721.00
|
1,764.35
|
| Wipro
|
512.00
|
522.00
|
511.00
|
519.15
|
Last
Update : 10 March, 2006 16:02 PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| INFOSYSTCH
|
2860.00
|
2924.00
|
2842.00
|
2913.50 |
| SATYAMCOMP
|
788.80
|
821.80
|
788.80
|
815.05 |
| SBIN
|
911.70
|
929.15
|
909.40
|
920.35 |
| RELIANCE
|
731.00
|
737.90
|
727.15
|
731.45 |
| TATAMOTORS
|
885.00
|
900.00
|
880.10
|
896.00 |
| MARUTI
|
871.00
|
885.00
|
864.20
|
878.70 |
| ACC
|
755.00
|
777.90
|
752.10
|
759.70 |
| TCS
|
1692.00
|
1775.00
|
1690.00
|
1763.65 |
| GUJAMBCEM
|
99.00
|
102.00
|
98.40
|
99.30 |
| MTNL
|
151.40
|
163.70
|
151.40
|
162.35 |
| LT
|
2477.00
|
2530.00
|
2451.00
|
2516.45 |
| ABB
|
3025.00
|
3100.00
|
2981.00
|
3023.55 |
| TATASTEEL
|
454.00
|
464.80
|
454.00
|
455.65 |
| VSNL
|
372.00
|
390.90
|
372.00
|
388.60 |
| GRASIM
|
1923.00
|
1934.90
|
1870.00
|
1892.55 |
| BHEL
|
2124.00
|
2146.85
|
2105.00
|
2133.45 |
| ITC |
174.90 |
179.50
|
174.00
|
178.00 |
| BAJAJAUTO
|
2690.00
|
2780.00
|
2677.10
|
2757.35 |
| M&M
|
610.00
|
628.00
|
608.00
|
620.25 |
| ICICIBANK
|
603.70
|
616.00
|
595.00
|
614.35 |
| SAIL
|
65.00
|
68.70
|
65.00
|
67.65 |
| ZEETELE
|
180.45
|
197.00
|
180.00
|
185.35 |
| CIPLA
|
580.10
|
592.40
|
578.10
|
584.35 |
| ONGC
|
1147.00
|
1160.00
|
1142.30
|
1151.30 |
| HDFCBANK
|
752.00
|
764.40
|
745.15
|
749.00 |
| WIPRO
|
513.00
|
522.90
|
508.25
|
520.40 |
| DRREDDY
|
1330.00
|
1356.00
|
1330.00
|
1351.05 |
| BHARTI
|
384.00
|
394.80
|
381.55
|
385.80 |
| PNB
|
451.95
|
465.40
|
447.25
|
462.85 |
| HINDLEVER
|
246.70
|
252.95
|
245.45
|
252.00 |
| TATAPOWER
|
578.40
|
584.45
|
567.10
|
580.85 |
| TATACHEM
|
246.00
|
254.95
|
246.00
|
253.95 |
| RANBAXY
|
428.00
|
430.00
|
418.00
|
419.15 |
| HEROHONDA
|
884.00
|
908.00
|
875.00
|
903.65 |
| TATATEA |
899.40 |
920.00
|
891.25
|
901.45 |
| REL
|
640.00
|
651.00
|
636.00
|
639.50 |
| HINDALC0
|
159.50
|
162.50
|
158.10
|
160.00 |
| HDFC
|
1284.00
|
1330.00
|
1284.00
|
1326.95 |
| GAIL
|
274.50
|
276.70
|
271.00
|
272.35 |
| SUNPHARMA
|
767.25
|
792.20
|
763.00
|
786.20 |
| ORIENTBANK
|
238.00
|
245.90
|
238.00
|
243.00 |
| NATIONALUM
|
289.00
|
291.95
|
278.00
|
282.75 |
| HCLTECH
|
604.00
|
615.50
|
604.00
|
609.65 |
| DABUR
|
113.00
|
114.20
|
112.10
|
113.30 |
| IPCL
|
238.00
|
238.40
|
233.10
|
234.50 |
| JETAIRWAYS
|
967.25
|
979.90
|
965.00
|
969.35 |
| HINDPETRO
|
321.00
|
329.80
|
319.00
|
322.25 |
| GLAXO
|
1350.00
|
1360.00
|
1302.20
|
1350.65 |
| BPCL
|
421.40
|
422.00
|
413.50
|
414.95 |
| SCI
|
156.00
|
158.00
|
154.55
|
155.20 |
Last
Update : 10 March, 2006 16:00PM
|
|
